Obama Slaps Down Geithner and Summers on raising taxes

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   bgamallposted 14 years ago

   Obama slapped them down for putting him in the position of breaking a campaign promise. Yet if we don't raise taxes the government has spent too much into deficit, and the Geithner/Summers message was meant to satisfy our most important creditor, China. Now, China will not be pleaed with Obama's position.
   
   Wonder if China will start dumping treasury bonds, making it necessary for the fed to raise interest rates and kill real estate and the rally of stocks.

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      tksenseiposted 14 years agoin reply to this

      LOL! I wonder how many rehearsals they went through first?

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2. 68

   ledefensetechposted 14 years ago

   Stocks are going down no matter what anyone does.  P/E ratios have historically been about 15/1.  Few companies on the stock exchange trade for that right now.  In order to restore that balance we'd have to see the Dow at 3,000 or so.  The crash is coming, I'd get out now.  It'll be a race to see if the banks will cause the crash, higher taxes or something else exploding we can't see right now.  Right now my money is on the banks failing first.

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3. 0

   pgrundyposted 14 years ago

   Right now my freelance projects all about hyperinflation and how to stay alive. I guess someone thinks that in that event his website will make money. I mean, seriously, does anyone think this stuff all the way through???? LOL!
   
   Well, it's grocery money.
   
   Nothing like something lightweight to keep ya smilin'!
   
   Seriously, we're quite doomed. We're all mentally masturbating online right now while we wait for the ship to sink. I think most people know this in their heart of hearts.
   
   And ldt please do not come back and tell me that just because I said so I must kiss Ron Paul or something. It won't help and I don't have to anyhoo.

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      Mishaposted 14 years agoin reply to this

      
      
      Sorry, could not resist

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         pgrundyposted 14 years agoin reply to this

         Well, he is kinda cute...

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      tksenseiposted 14 years agoin reply to this

      How can we fail with that typical American 'Can-Do' spirit?

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   3. 68

      ledefensetechposted 14 years agoin reply to this

      Would I be one to say I told you so?    I was where you were once and that's why I get frustrated with you.  You're obviously educated and smart in your own right, yet mouthing the lines of the Left.  I really really wish it didn't have to come to the end of most everything just to prove a point.  What's coming is too terrifying for that.  Buy gold and, more importantly, silver.  Silver, I think, will be used more for day to day purchases rather than gold.

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4. 69

   bgamallposted 14 years ago

   Hey everybody, deflation is still a threat due to rising interest rates. The Fed fears this interest rate rise because it could kill the foreclosure flipping market. There are deflationary pressures coming. First is the lack of interest in our bonds. Read this:  http://socioecohistory.wordpress.com/20 … d-auction/
   
   Second is M2M coming back November 15. Third is the commercial real estate collapse. Fourth is the lack of loan demand. Fifth is the lack of credit card liquidity. Sixth is M2 money multiplier, where money goes into the banks like a black hole from the fed and they don't lend.
   
   That's all I can think of right now. But deflation is a major, major threat. We are like Japan. Please read the link. It blows the mind. It will, Pam, help you with the masturbation part

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      AEvansposted 14 years agoin reply to this

      I don't mind if it kills the foreclosure flipping market, the same ones that killed our economy are the same ones who stole so many people's American dream , the should have let many banks fail instead of bailing them out and gave the money to the people to stimulate the economy , in turn it would have created more jobs in corporate America and many Americans would not be standing in the unemployment lines and worry about food to feed there families however I guess that was to easy.

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         tksenseiposted 14 years agoin reply to this

         Stole? Who?
         
         
         
         With the kind of money we're talking about here that might create some serious inflation.

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            AEvansposted 14 years agoin reply to this

            What the heck anything is better then what we are dealing with now. lolololo

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            AEvansposted 14 years agoin reply to this

            Stole... Investors, lenders and fraudulant writers.
            No offense if you are any of the above I tip my hat to the 1% who are truly honest.

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            1. 68

               ledefensetechposted 14 years agoin reply to this

               It's too bad things like Fannie, Freddie and the CRA encouraged that sort of lending.  You castigate the lenders and underwriters, but what about the idiot politicians who try to socially engineer an outcome no matter the consequences.

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               1. 69

                  bgamallposted 14 years agoin reply to this

                  Ah but Evens is right. It was on the Bank of International Settlements watch that off balance sheet banking was permitted. Nothing that the BIS can say can undo this. The BIS is, well, just BS.

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                     ledefensetechposted 14 years agoin reply to this

                     No it was people being stupid that got us into this mess.  You can claim international conspiracy all you want, but NINJA loans are the reason we find ourselves in this problem, not investors.  In fact the investors are being screwed.  If you think regulators spend all their time preventing things like this, you're living in a dream world.

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                        bgamallposted 14 years agoin reply to this

                        Underwriting is a responsibility of the banks. Underwriting is a responsibility of the fed. Underwriting is the responsibility of the Bank of International Settlements. If these people make rules that give banks the ability to hide bad loans, that is on them. We should boot these people off our shores. We should audit the Fed. The toxic loans were a result of underwriters who allowed the loans. They could have stopped them.
                        
                        If they would have been fired it is the chain of command that was at fault. And the Fed controls the banks. Where were they? They looked the other way on purpose. They encouraged adjustable loans. You forget that Greenspan in Feb 2004 encouraged the populace to use adjustable loans. That brands him GUILTY.

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                        1. 68

                           ledefensetechposted 14 years agoin reply to this

                           You're right.  The banks failed in the underwriting responsibilities.  They deserve to fail.  People really need to look out for themselves and not blindly trust these groups.  Groups like the Fed and the BIS don't care about anyone but themselves.  If you think they're watching out for you, you deserve to lose everything you have.  Don't be stupid.  Do due diligence.  If you can't, don't get involved.  Very simple, very pragmatic.

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               tksenseiposted 14 years agoin reply to this

               People who signed contracts they couldn't keep or didn't understand had no responsibility?

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