Let It Crash

Posted on Friday, August 31 at 08:54 by Diogenes
This situation will become worse as the other economic dominos begin to fall. Those we trusted in business and government have conspired against their fellow citizens, ruining a once vibrant and healthy economy, putting into peril all working Americans. With the implementation of "Free Trade" agreements, millions of Americans lost good jobs and many are now living just above the poverty level. This situation exists not only in America but in every nation which has signed on to this monumental scheme to defraud the working man worldwide. The consequences of so called Free Trade are the same wherever it rears its ugly head: The majority of wealth is controlled by the few, and wages are driven down for the many. However, this looting of the marketplace cannot continue forever, as the recent crash of the housing market illustrates. The criminal corporations, banks, and government's complicity with this economic rip-off is killing the goose that laid America's golden egg. With the Fed coming to the aid of the Wall Street loan sharks and making good their losses, we are reminded of the savings and loan scandal of the 1980s, where the average citizen was forced to bail out the crooks. The S&L's should have been treated like the criminal enterprises they were and allowed to fail -- with all the those responsible for their collapse (including Neil Bush, the President's brother) prosecuted for their complicity in the matter. If that had happened, it would be understood that such crimes would be punished, even when the perps wear business suits. But that didn't happen, and obviously, these criminals understood what that meant. It should be clear that neither Wall Street nor the Federal Government have the interests of the American people in mind. Therefore, further participation in this failing economic disaster will only prolong the agony of us all. Take your money out, pay the penalty, and do not contribute to those who are planning your economic ruin. Let it crash, and the sooner the better. What a sight it will be, to see the economic rats leaving the sinking ship with their carpetbags filled with stolen loot, scurrying off to their villas in Dubai with Dick Cheney in the lead. © by the author. http://www.unknownnews.org/070829a-LeonF.html

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  1. Fri Aug 31, 2007 8:33 pm
    You'll love this one:<br />
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    <br />
    "Mr Bernanke was opening the annual monetary policy symposium in Jackson Hole, Wyoming, hosted by the Kansas City Federal Reserve Bank.<br />
    <br />
    The remarks came as President George Bush was expected to unveil a bailout plan for struggling American homeowners later today.<br />
    <br />
    In what would be the first political intervention to stem the unfolding US housing market crisis, Mr Bush is expected to propose legislation that will help prevent sub-prime mortgage borrowers defaulting on loan repayments.<br />
    <br />
    Soaring default rates among sub-prime borrowers, who pay higher interest rates because of their patchy credit histories, have sent shock waves across international markets and threatened to spark a slump in the US economy. "<br />
    <br />
    <a href="http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article2361425.ece">http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article2361425.ece</a><br />
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    <br />
    Now, I also have ammo for those who say the US isn't a 'Nanny State'. Freedom to Prosper also means Freedom to Fail.<p>---<br>The preceding comment deals with mature subject matter, however immaturely presented. Viewer discretion is advised.<br />

  2. Fri Aug 31, 2007 9:03 pm
    'heard some incomprehensible babbble outa shrub on the noon noon news. something about people buying home who can't afford them

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    "When I tell the truth, it is not for the sake of convincing those who do not know it, but for the sake of defending those that do."

    William Blake

  3. Fri Aug 31, 2007 11:30 pm
    That's exactly what the article is about. Bush wanting to let people who financed homes with bad credit and no money down to re-finance at lower rates so they don't default on the loans.

    Average market for existing homes in the US right now is like 9.7 months (before selling). Typical is 3 months. Average in Edmonton was a day or two, back in April.

    What a great idea, eh! Extend yourself up to your eyeballs on cheap credit, then let Dubaya bail you out!

    ---
    The preceding comment deals with mature subject matter, however immaturely presented. Viewer discretion is advised.



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