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.
Joined: May 18, 2006 Posts: 4867 Location: Minneapolis, MN
Posted: Tue Mar 18, 2008 2:11 pm Post subject: Re: Housing & Economic Collapse - In Progress
Zardoz wrote:
shortonoil wrote:
Number one, it was not the FED that has made the US prosperous.
I didn't say it was. All I'm saying is that the conspiracy theory that the central bankers are out to get us and enslave us is patently absurd.
Quote:
If the FED had been doing their job of protecting our currency, rather than providing liquidity to a pack of lunatics to fight a global conflict against the boogey man, we might not have max it out so fast. The idea of a federal banks is in essence not a bad one, the idea of a federal bank that plays footsie with the political establishment, the financial elite and power brokers, is!
I couldn't agree more. Have we forgotten the war-driven deficits and the ill-advised tax cuts foisted upon us by BushCo and our duly-elected hyenas in Congress?
Better read up on the little con job they pulled in 1913.
The Federal Reserve cut its main lending rate by three quarters of a percentage point to 2.25 percent as officials try to prop up the faltering economy and restore faith in the U.S. financial system.
"Today's policy action, combined with those taken earlier, including measures to foster market liquidity, should help to promote moderate growth over time and to mitigate the risks to economic activity,'' the Federal Open Market Committee said in a statement after meeting today in Washington.
Chairman Ben S. Bernanke is struggling to cushion consumers and companies from the worst of the credit freeze that's made some of the world's biggest banks reluctant to lend to each other. At the same time, officials showed renewed concern about inflation, making a smaller reduction than traders anticipated. Two policy makers dissented in favor of "less aggressive action.''
"Recent information indicates that the outlook for economic activity has weakened further,'' the Fed said. Still, "inflation has been elevated, and some indicators of inflation expectations have risen,'' the Fed added.
The Fed Board of Governors also voted to lower the discount rate, the cost of direct loans from the central bank, to 2.5 percent.
_________________ "Thank you for attending the oil age. We're going to scrape what we can out of these tar pits in Alberta and then shut down the machines and turn out the lights. Goodnight." - seldom_seen
Joined: Dec 02, 2005 Posts: 6785 Location: Oil-addicted Southern Californucopia
Posted: Tue Mar 18, 2008 2:23 pm Post subject: Re: Housing & Economic Collapse - In Progress
Zardoz wrote:
All I'm saying is that the conspiracy theory that the central bankers are out to get us and enslave us is patently absurd.
phaeryen wrote:
...never before have I seen you, Zardoz, on such a childish provocative level like this...
And please do not try defend your insurmountably extreme stance on the matter.
Huh? _________________ "Thank you for attending the oil age. We're going to scrape what we can out of these tar pits in Alberta and then shut down the machines and turn out the lights. Goodnight." - seldom_seen
Posted: Tue Mar 18, 2008 2:25 pm Post subject: Re: Housing & Economic Collapse - In Progress
Zardoz quoted:
Quote:
The Federal Reserve cut its main lending rate by three quarters of a percentage point to 2.25 percent as officials try to prop up the faltering economy and restore faith in the U.S. financial system.
I’ll give it one week to work, if it doesn’t, and the credit markets are still bond up like grandma after she ate whole wedge of cheese, it will be time to take a new inventory on the food and ammo!
Posted: Tue Mar 18, 2008 2:39 pm Post subject: Re: Housing & Economic Collapse - In Progress
The Dow is up 350, on a less than anticipated cut. How could it be up so high? THE MAJOR IBs CAN ALL GO TO THE DISCOUNT WINDOW AND GET DIRT CHEAP MONEY FOR THEIR TRADING DESKS. To put it mildly, this is criminal _________________ Civilization: the biosphere's skin disease
Posted: Tue Mar 18, 2008 2:51 pm Post subject: Re: Housing & Economic Collapse - In Progress
firestarter,
I don't like the idea of bailouts either, but you don't wanna see the alternatives. You'll probably get to see the alternatives, though, before long. _________________ Local fix-it guy..
Joined: Oct 24, 2005 Posts: 831 Location: North of Id, west of Oz, and infront of the damned rabbit
Posted: Tue Mar 18, 2008 2:57 pm Post subject: Re: Housing & Economic Collapse - In Progress
patience wrote:
firestarter,
I don't like the idea of bailouts either, but you don't wanna see the alternatives. You'll probably get to see the alternatives, though, before long.
Bring on the Alternative!. Sooner the better. We deserve it. _________________ Was a long and dark December
When the banks became cathedrals
And the fog
Became God
Posted: Tue Mar 18, 2008 3:09 pm Post subject: Re: Housing & Economic Collapse - In Progress
Zardos actually brings up an important paradox. US citizens are both pampered and oppressed. More specifically, we have been persuaded that the luxuries that pamper us (especially low ff prices and the thing they make possible...) are necessities, and that many of the things that oppress us (credit cards that seduce us into hopeless debt...) are desirable luxuries.
The sad thing is that the last thirty years at the top of peak oil have not brought a great deal of increased prosperity, happiness or health to most Americans. But that doesn't mean we're not absurdly spoiled.
Posted: Tue Mar 18, 2008 3:10 pm Post subject: Re: Housing & Economic Collapse - In Progress
patience wrote:
firestarter,
I don't like the idea of bailouts either, but you don't wanna see the alternatives. You'll probably get to see the alternatives, though, before long.
There are alternatives to letting investment banks in on the discount window, which is an utterly unprecedented move that is subject to an incredible level of moral hazard.
We're going to have a hard landing no matter what the PTB do. What they are doing to deal with their monumental Fark up, though, really only benefits those at the top, which is at the expense of most everyone else at the bottom. They're turning this coiled spring tighter than it has to be turned so as to cover up the underlying shitty balance sheets of the banks. Because of this there is no trust among the financial thieves. Thus we are being set up for a much harder fall than need be. It didn't necessarily have to go down this way, but of course the crooked bankers would disagree. _________________ Civilization: the biosphere's skin disease
Posted: Tue Mar 18, 2008 3:15 pm Post subject: Re: Housing & Economic Collapse - In Progress
DantesPeak wrote:
I do think that sterilization is a term that can be applied to this asset replacement process within the Fed balance sheer (that is it is disposing Treasury bills and accepting mortgage related securities and who know s what else in return).
So yes, the size of the Fed’s balance sheer is somewhat of a restriction. This is a problem I am sure they have been struggling with. However eventually they are not going to let that hold them back from ‘lending’, and it’s likely within the past few weeks the total balance sheet of the Fed is starting to expand at a much faster than normal rate.
The Fed added about $100 billion to its balance sheet after 9/11/2001, so they will expand when they think it’s necessary.
There's also the small matter of reduced cashflow to the Treasury from lower quality Fed assets. This will make it harder for the Treasury to meet its debt servicing costs without further inflation. _________________ "Who knows what the Second Law of Thermodynamics will be like in a hundred years?" - Economist speaking during planning for World Population Conference in early 1970s
Posted: Tue Mar 18, 2008 3:50 pm Post subject: Re: Housing & Economic Collapse - In Progress
firestarter,
I agreee with all you say. What I'm hoping is, that the FED is just trying to let the air out of the bubble slowly, but it doesn't look that way. It looks like what you described. _________________ Local fix-it guy..
Joined: May 19, 2005 Posts: 813 Location: Merry Ol' USA
Posted: Tue Mar 18, 2008 4:09 pm Post subject: Re: Housing & Economic Collapse - In Progress
dohboi wrote:
Zardos actually brings up an important paradox. US citizens are both pampered and oppressed. More specifically, we have been persuaded that the luxuries that pamper us (especially low ff prices and the thing they make possible...) are necessities, and that many of the things that oppress us (credit cards that seduce us into hopeless debt...) are desirable luxuries.
The sad thing is that the last thirty years at the top of peak oil have not brought a great deal of increased prosperity, happiness or health to most Americans. But that doesn't mean we're not absurdly spoiled.
Good post _________________ After fueling up their cars, Twyman says they bowed their heads and asked God for cheaper gas.There was no immediate answer, but he says other motorists joined in and the service station owner didn't run them off.
Joined: Jun 13, 2007 Posts: 3909 Location: Minniesotuh
Posted: Tue Mar 18, 2008 4:13 pm Post subject: Re: Housing & Economic Collapse - In Progress
RonMN wrote:
Ferret, "you talked me out of it" is already in my vocabulary but I also thought of picking up a few cans of something really nasty & saying "sure I can share...what do you have to share?" as I hand them a sealed can of almost eadible slime
SMEAT comes to mind, or maybe canned lutafisk.
Lutafisk!!
How about "Tastes of Tuscany?" _________________ "RRrrruuuunnnn!!!" ~Apocalypto
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