2008 financial crisis was completely avoidable
derryb
Posts: 36,792 ✭✭✭✭✭
says the US Financial Crisis Inquiry Commission. Appears the FOMC was asleep at the wheel. As usual the truth has to be found in the foreign press:
Alan Greenspan's ship of fools
My question is, why do we have to wait five years to get the truth?
Alan Greenspan's ship of fools
My question is, why do we have to wait five years to get the truth?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
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<< <i>The public may be powerless at the moment to force our political leaders to take the steps necessary to bring the economy back to full employment. However, we certainly have the ability to ridicule the incompetence of those responsible for this preventable disaster. >>
......Ya think...?!?!?!.......
Ironic that they ended up causing it.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>the events of 1933 and 1971 pretty much secured a messed up financial future for the world >>
The bankers took official control in 1913, but you're right about the gold policies.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Why in the world would anyone want them to avoid such a huge profitable opportunity?
Liberty: Parent of Science & Industry
<< <i>the Fake Financial "crisis" was the best thing that could have happened to many of us, particularly for those of you sages who "saw it coming"...
Why in the world would anyone want them to avoid such a huge profitable opportunity?
I 100% completely agree. This is a time when fortunes are being made.
And it may continue for a few more years. Unfortunately, I have to sit back and watch.
If you can provide liquidity and solvency for those who are in financial peril, you can make a lot of money right now. Just as 2002-2011 was a once in a generation runup in PM's...this may be a once in a generation opportunity for fabulous acquisitions.
There was nothing fake about $1.1 QUAD in otc derivs where approx $15-$20 TRILL of them (CDS's and MBS's) actually failed.
And there's nothing fake about what will happen when the next tranche of these are called to perform and cannot do so. The writing was on the wall
in 2003-2004 to anyone willing to spend 15 minutes reading about the subject. I would agree that the first crisis was avoidable right up until the
point that Lehman failed. Future Lehmanesque failures are now totally unavoidable. There's no going back now. And the topic will continue to get zero
attention from the mainstream media.
If you connect the dots you can see the plan unfold in the United States. Among them were creation of a central bank controlled by private banks, removal of the gold standard, repeal of the Glass/Steagall Act, tightening personal bankruptcy laws, encouragement of fractional banking, declaring "our goal is for every American to own his own home" and then forcing lending institutions to give bad loans, and ignoring the professional warnings of unregulated derivatives.
Remember those history lessons of medieval times when there were only serfs and those they served? The middle class in the US is under serious attack.
The fact that public economic policy and central bank decisions are made and controlled by individuals who are/were members of the private banking establishment is proof on its own. Those that have not read the OP link really should do so.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
An introspective examination of how one spends their daily hours, and taking personal responsibility for the decisions they make, could cause cognitive dissonance
Liberty: Parent of Science & Industry
Those trying to live on social security or a fixed income need to understand why they can't.
Those whose savings and retirement plans are worth less each year need to understand why.
Those who want to work and cannot find work need to understand why.
Those who see their tax dollars going into the pockets of others need to understand why.
When enough people understand why, changes can be brought about.
I explained why and because I understand this I am able to prosper. It's not about blame, it is about facing reality.
Those that invest in and stack PMs should underestand why they should do so. It is their best insurance that they will know if and when is time to unstack.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Or if and when it is time to buy your way out and safely transport self and family to a region with less repression and more opportunity; this has historically been the way a precious metal "insurance" holding has benefitted people, no matter whether the repressive disaster was caused by cruel Nature, Market, Mob, or Government.
Liberty: Parent of Science & Industry
<< <i>the Fake Financial "crisis" was the best thing that could have happened to many of us, particularly for those of you sages who "saw it coming"...
Why in the world would anyone want them to avoid such a huge profitable opportunity?
This is the opinion of an eletist not a middle class person working a job to support his family or an elderly person living on social security and a lifetime of savings getting 1% interest on their money.
I would have to say that opinions like yours are typical of society in general, all is well as long as I get what I want.
GREED is destroying this country, it starts at the top with the bankers and politicians and flows down from there.
What good does it do our country if we destroy the middle class and create even more impovershed people?
<< <i>Those not prospering should definitely try to find someone else to blame.
An introspective examination of how one spends their daily hours, and taking personal responsibility for the decisions they make, could cause cognitive dissonance >>
My mind is about to explode......
I do not like to see people suffer even if it lines my pockets.
I and my peers are in the first group, and our parents are in the second. It is just about certain that you have more money than me and my parents combined Yukon, what with all the <cue song from Rudolph stop-motion picture> "Silver and Gold, Silver and Gold.."
No one "did this" to us. Briefly stated, IMO, Everyone's circumstances are due to the intersection of their environment with their behavior, no more, no less.
edited to add: Of course there are events beyond individuals control, and often they are very "unfair". This is part of "environment" that has a lot of victims over the course of evolution..
Liberty: Parent of Science & Industry
<< <i>No one "did this" to us. Everyone's circumstances are due to the intersection of their environment with their behavior, no more, no less. >>
Economic policy of others controls an economic enviornment that intersects with my behavior. It is under the control of some very bad people. That is my entire point.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
I do not like to see people suffer even if it lines my pockets.
There is a very good analogy in the field of Forestry, that goes like this... Fire supression technniques (slanted regulation, subsidies, and rescues) cause massive overgrowth of thick forest and accumulated deadwood (inefficient and unprofitable companies bailed-out, regulations cause overemployment to comply) which causes, under the right circumstances, such as a spark and some hot dry winds (or a dramatic weather, political, or economic event) causes a much huger and hard to control wildfire (a panic and "crisis") that was much worse than if one allowed the creative distruction of more frequent, smaller fires (failures and bankruptcies) that, although they really really suck for the innocent caught in the conflagration (birds, squirrels, middle class employees who are just doing their best) are necessary creative destruction that allows the survivors to reseed and have room to grow
Liberty: Parent of Science & Industry
<< <i>This is the opinion of an eletist not a middle class person working a job to support his family or an elderly person living on social security and a lifetime of savings getting 1% interest on their money.
I and my peers are in the first group, and our parents are in the second. It is just about certain that you have more money than me and my parents combined Yukon, what with all the <cue song from Rudolph stop-motion picture> "Silver and Gold, Silver and Gold.."
edited to add: No one "did this" to us. Briefly stated, IMO, everyone's circumstances are due to the intersection of their environment with their behavior, no more, no less.
Of course there are events beyond individuals control, and often they are very "unfair". This is part of "environment" that has a lot of victims over the course of evolution.. >>
If you truly believe that "No one did this to us" and the working families are to blame for the economic policies of the fed and the TBTF banks then there is no reasoning with you.
As for my PM holdings they amount to roughly 16% of my equity so if you are trying to label me a PM nutjob it won't work. I know you have a dim view of those holding PM's but many of us believe in diversifying into them so you are swimming against the stream here.
Not sure if you are heavy into equities but this economic fiestorm has not torched them yet so beware what you wish for.
That absolutely does not follow from what I've been saying, and if you draw conclusions like that, there is no reasoning with YOU.
I never said working families are to blame for anything, any more than the deer running from the flames was responsible for the fire.
What I kind of AM saying is that those deer who kind of move away from the overgrowth (those employees who maintain job skills, get continuing education, choose careers growth industries versus dying industries) naturally are more competetive than those who take the easy pickings of the fallen trees and bushy berry plants (cushy, do-little-in-adding-value jobs) when the firestorm comes along. And as derryb has been saying, those who sniff the wind and maintain eye contact with others paying attention are also favored... there's only so much others can do for the oblivious.
I know you have a dim view of those holding PM's
Wrong again. Among my friends and associates, I'm the "metals nut" for having so many gold, silver, and platinum coins.
My riff about "silver and gold" was a take on your screen name. I just spent weeks watching YC, over and over, save a dentist and a reindeer from the Island of Misfit Toys and an irritable snow monster
Liberty: Parent of Science & Industry
<< <i>Good point... why are the records kept secret for that period?? Cheers, RickO >>
it seems to me they dont want to many people taking a fall or going to jail. <shrugs> jmo
<< <i>If you truly believe that "No one did this to us" and the working families are to blame for the economic policies of the fed and the TBTF banks then there is no reasoning with you.
That absolutely does not follow from what I've been saying, and if you draw conclusions like that, there is no reasoning with YOU.
I never said working families are to blame for anything, any more than the deer running from the flames was responsible for the fire.
What I kind of AM saying is that those deer who kind of move away from the overgrowth (those employees who maintain job skills, get continuing education, choose careers growth industries versus dying industries) naturally are more competetive than those who take the easy pickings of the fallen trees and bushy berry plants (cushy, do-little-in-adding-value jobs) when the firestorm comes along. And as derryb has been saying, those who sniff the wind and maintain eye contact with others paying attention are also favored... there's only so much others can do for the oblivious.
I know you have a dim view of those holding PM's
Wrong again. Among my friends and associates, I'm the "metals nut" for having so many gold, silver, and platinum coins.
My riff about "silver and gold" was a take on your screen name. I just spent weeks watching YC, over and over, save a dentist and a reindeer from the Island of Misfit Toys and an irritable snow monster
Now I 100% agree with you on improving one's job skills to better yourself or getting schooling for jobs which have good earning potential.
If I am mistaken about your opinion on PM holders then I apologize. I think anyone putting any more than 20% of their equity into PM's is not diversified properly (unless they purchased most of their bullion 10 years ago so the percentage has grown because of a 500% return).
If I am mistaken about your opinion on PM holders then I apologize. I think anyone putting any more than 20% of their equity into PM's is not diversified properly (unless they purchased most of their bullion 10 years ago so the percentage has grown because of a 500% return).
I would maintain that you can have a heavier concentration in precious metals if you have diversified your risk over time while getting in. Of course, that doesn't do much for you on the way out - that consideration does rely on keeping your eyes open and your head in the game, as derryb suggests...
I think that precious metals entail much less risk than dollars or paper ownership of companies in this climate. Hopefully, that will change.
I knew it would happen.
<< <i>This is a good thread.
If I am mistaken about your opinion on PM holders then I apologize. I think anyone putting any more than 20% of their equity into PM's is not diversified properly (unless they purchased most of their bullion 10 years ago so the percentage has grown because of a 500% return).
I would maintain that you can have a heavier concentration in precious metals if you have diversified your risk over time while getting in. Of course, that doesn't do much for you on the way out - that consideration does rely on keeping your eyes open and your head in the game, as derryb suggests...
I think that precious metals entail much less risk than dollars or paper ownership of companies in this climate. Hopefully, that will change. >>
I agree with you that at this point in time investing in PM's (especially silver) entails less risk than stashing your money into CD's paying 1% interest or money market accounts yielding .25% interest.
This is why I take any money that would go into savings and purchase PM's, eventually my % net worth in PM's will exceed 20% hopefully it runs to 40% because of runaway prices. At that point I will take a profit on my holdings to pay off any debt I have and perhaps deploy some into equities if I see some companies worth buying.
Box of 20
<< <i>If their plan is the transfer of weath from the taxpayer to the banksters, the ultimate result will be the total destruction of the middle class. It will be poor and rich and I just don't think the the poor have no intention of being serfs to the rich. The middle class is the buffer. lose that and see what happens. >>
This happened over 200 years ago when we fought the british for our independance, if this comes to pass there will be blood in the streets.
"The Trees"
There is unrest in the forest
There is trouble with the trees
For the maples want more sunlight
And the oaks ignore their pleas
The trouble with the maples
(And they're quite convinced they're right)
They say the oaks are just too lofty
And they grab up all the light
But the oaks can't help their feelings
If they like the way they're made
And they wonder why the maples
Can't be happy in their shade
There is trouble in the forest
And the creatures all have fled
As the maples scream 'Oppression!'
And the oaks just shake their heads
So the maples formed a union
And demanded equal rights
'The oaks are just too greedy
We will make them give us light'
Now there's no more oak oppression
For they passed a noble law
And the trees are all kept equal
By hatchet, axe and saw!
Liberty: Parent of Science & Industry