Like the illusion of Wall Street, with its vast and powerful investment banks, now shuttered, China too is an illusion perpetuated by the Globalists that gave us the 15,000 mile Caesar salad, poisoned cat food and lead based paint on babies' pacifiers. Like the illusion that money would come from thin air to always push housing prices higher, China has spent a generation pursuing its illusion. Pursuing an unattainable dream to be like the West, while 6000 years of its carefully shepherded top soil blows into the sea.
Posted: Tue Sep 30, 2008 4:32 pm Post subject: Re: McCain Urges Treasury to Act Without Legislation on Bail
dinopello wrote:
One wonders how these ideas pop into McCain's head ? Suspend the Campaign, Pick Sarak Palin, Tap a trillion dollars from a fund with 50 billion in it. Are advisors giving him these ideas or is it his inner Maverick ?
Speaking of the Maverick, it was the predecessor of the infamous Ford Pinto. Just not as successful.
Joined: Oct 23, 2004 Posts: 5928 Location: New Jersey
Posted: Tue Sep 30, 2008 5:05 pm Post subject: Re: McCain Urges Treasury to Act Without Legislation on Bail
As of last night, the Treasury borrowed an extra $300 billion and lent it to the Fed, to be relent to the financial system.
In addition the Fed has recently created about $500 billion out of thin air to also lend to the financial system, with about $200 billion sent to foreign countries in exchange for euros, etc. - which has the temporary effect of making the dollar appear "strong".
Don't think the Fed/Treasury will risk reversing thiese moves and seeing what will happen. So they've already supplied $800 billion in two weeks (plus $200 billion more over the last year) without any vote. $1 trillion that might never be repaid - and not many are complaning much about that.
McCain should have someone explain this to him. _________________ It's already over, now it's just a matter of adjusting.
Joined: Apr 16, 2008 Posts: 121 Location: Western PA, USA
Posted: Tue Sep 30, 2008 7:21 pm Post subject: Re: McCain Urges Treasury to Act Without Legislation on Bail
Fishman wrote:
Ooooooooooh! I'm sooo impressed with Obama and the leadership of the Democrates right now also.
Fishman I disagree with many of your political points, but I must say I agree with you on Obama and the Dem leadership right now. I mean come on, Nancy (botox queen) Pelosi complained about Republicans stalling the bailout bill, when 94 of her own party voted against it. Talk about effective leadership ehh? It looks like Obama is not any better concerning throwing billions in taxpayer money into a black-hole, never to be seen again.
The Exchange Stabilization Fund (ESF) is an emergency reserve fund of the United States Treasury Department, normally used for foreign exchange intervention. This arrangement (as opposed to having the central bank intervene directly) allows the US government to influence currency exchange rates without affecting domestic money supply.
As of June, 2008, the fund held assets worth $51.2 billion.
One wonders how these ideas pop into McCain's head ? Suspend the Campaign, Pick Sarak Palin, Tap a trillion dollars from a fund with 50 billion in it. Are advisors giving him these ideas or is it his inner Maverick ?
Sarak Palin...that is an insult to Spock's father. Shame on you you should be banned.
Joined: Apr 16, 2008 Posts: 121 Location: Western PA, USA
Posted: Tue Sep 30, 2008 8:03 pm Post subject: Re: McCain Urges Treasury to Act Without Legislation on Bail
DantesPeak wrote:
In addition the Fed has recently created about $500 billion out of thin air to also lend to the financial system
Okay, so did the Fed "print" this money or was this 500 billion you mentioned done via Swaps with other countries? I was wondering because I seem to remember currency swaps with other countries appear to me to be on giant "cirlce jerk" of musical chairs. Thanks for your input.
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