Wednesday, September 24, 2008
The Great Nation Robbery
Listening to CNN..... Allegedly the reason why we "urgently need" this 700 billion dollar theft is to "keep lending liquid", to "prevent a freeze on all borrowing". CNN (to its credit) mentions at the same time that even without the largest theft in history, lending is in fact NOT frozen, companies appear to be running.
Here are the facts, which the alleged "experts" can't or won't say:
WE ARE IN THIS MESS BECAUSE OF WILD UNCONTROLLED LENDING.
IF LENDING COOLS DOWN DRASTICALLY, THAT IS A GOOD THING.
Same with house prices. The biggest thieves in history, Shotgun Paulson and Bugsy Bernanke, are telling us that we need to keep house prices high.
WE ARE IN THIS MESS BECAUSE HOUSE PRICES WERE ARTIFICIALLY INFLATED.
IF HOUSE PRICES DROP TO MORE REALISTIC NUMBERS, THAT IS A GOOD THING.
And yet again, at the deepest level, with interest rates. The experts tell us that we need more liquidity in order to keep interest rates down.
WE ARE IN THIS MESS, ABOVE ALL, BECAUSE THE FED HAS PLACED PRICE CONTROLS ON INTEREST. WE ARE SEEING PRECISELY THE WELL-KNOWN AND CLASSIC RESULTS OF PRICE CONTROL: PANIC, SHORTAGE, MISALLOCATION.
IF INTEREST RATES RISE TO MORE REALISTIC NUMBERS, THERE WILL BE MORE CAPITAL AVAILABLE FOR NECESSARY BORROWING, AND THERE WILL BE MUCH LESS FRIVOLOUS BORROWING.
None of the great experts have managed to reach these grotesquely obvious conclusions, therefore either (1) the great experts are retarded dimwits or (2) the great experts are paid participants in the Great Nation Robbery. Since the great experts have shown considerable intelligence in other areas, the only valid conclusion is (2).
= = = = =
Update Friday morning: Interesting article on CNNmoney.com, verifying that we really don't have a crisis at all.
In other words:
HONEST BANKS ARE STILL OPERATING HONESTLY.
HONEST PEOPLE CAN STILL GET LOANS BY HONEST STANDARDS.
CRIMINAL BANKS ARE FROZEN.
Isn't that EXACTLY how this situation should be resolved? Honest people are OK, criminals are in trouble. AND WE'RE ALREADY THERE, GODDAMNIT.
But that's obviously not what Sultan Bush, may he rot in hell SOON, wants. Nor is it what the Senators, may they rot in hell SOON, want. They want to steal the country and hand it over to their fellow gangsters. Or perhaps it's even more specific. They want to steal the country and hand it over to Goldman Sachs.
Here are the facts, which the alleged "experts" can't or won't say:
WE ARE IN THIS MESS BECAUSE OF WILD UNCONTROLLED LENDING.
IF LENDING COOLS DOWN DRASTICALLY, THAT IS A GOOD THING.
Same with house prices. The biggest thieves in history, Shotgun Paulson and Bugsy Bernanke, are telling us that we need to keep house prices high.
WE ARE IN THIS MESS BECAUSE HOUSE PRICES WERE ARTIFICIALLY INFLATED.
IF HOUSE PRICES DROP TO MORE REALISTIC NUMBERS, THAT IS A GOOD THING.
And yet again, at the deepest level, with interest rates. The experts tell us that we need more liquidity in order to keep interest rates down.
WE ARE IN THIS MESS, ABOVE ALL, BECAUSE THE FED HAS PLACED PRICE CONTROLS ON INTEREST. WE ARE SEEING PRECISELY THE WELL-KNOWN AND CLASSIC RESULTS OF PRICE CONTROL: PANIC, SHORTAGE, MISALLOCATION.
IF INTEREST RATES RISE TO MORE REALISTIC NUMBERS, THERE WILL BE MORE CAPITAL AVAILABLE FOR NECESSARY BORROWING, AND THERE WILL BE MUCH LESS FRIVOLOUS BORROWING.
None of the great experts have managed to reach these grotesquely obvious conclusions, therefore either (1) the great experts are retarded dimwits or (2) the great experts are paid participants in the Great Nation Robbery. Since the great experts have shown considerable intelligence in other areas, the only valid conclusion is (2).
= = = = =
Update Friday morning: Interesting article on CNNmoney.com, verifying that we really don't have a crisis at all.
While the credit crisis has shaken Wall Street to its core, the thousands of community banks that make up the lion's share of the nation's banking system remain, to a large extent, quite secure. ...
Karla Wilbur, a senior vice-president at Passumpsic Savings Bank in St. Johnsbury, Vermont, said that an existing customer with a good credit standing and steady income who applies for a home equity loan could very well qualify for it.
She said the 11-branch bank, which serves towns along the Vermont-New Hampshire border, has ratcheted back on some of its non-core loan business -- such as buying loans from car dealerships or doing joint commercial loan deals with other banks.
But she added that the bank's consumer lending business hasn't been affected all that much following the panic that spread through the credit markets last week.
"It pretty much looks like it did a month ago or two months ago," said Wilbur. "Things haven't changed a lot."
In other words:
HONEST BANKS ARE STILL OPERATING HONESTLY.
HONEST PEOPLE CAN STILL GET LOANS BY HONEST STANDARDS.
CRIMINAL BANKS ARE FROZEN.
Isn't that EXACTLY how this situation should be resolved? Honest people are OK, criminals are in trouble. AND WE'RE ALREADY THERE, GODDAMNIT.
But that's obviously not what Sultan Bush, may he rot in hell SOON, wants. Nor is it what the Senators, may they rot in hell SOON, want. They want to steal the country and hand it over to their fellow gangsters. Or perhaps it's even more specific. They want to steal the country and hand it over to Goldman Sachs.
Labels: the broken circle
¶ 10:04 AM
