Obama Slaps Down Geithner and Summers on raising taxes

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  1. bgamall profile image82
    bgamallposted 9 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.

    1. tksensei profile image60
      tksenseiposted 9 years agoin reply to this

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

  2. ledefensetech profile image68
    ledefensetechposted 9 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.

  3. profile image0
    pgrundyposted 9 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'! smile

    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.

    1. Misha profile image70
      Mishaposted 9 years agoin reply to this

      tongue

      Sorry, could not resist wink

      1. profile image0
        pgrundyposted 9 years agoin reply to this

        Well, he is kinda cute...smile

    2. tksensei profile image60
      tksenseiposted 9 years agoin reply to this

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

    3. ledefensetech profile image68
      ledefensetechposted 9 years agoin reply to this

      Would I be one to say I told you so?  tongue  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.

  4. bgamall profile image82
    bgamallposted 9 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 smile

    1. AEvans profile image79
      AEvansposted 9 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.smile

      1. tksensei profile image60
        tksenseiposted 9 years agoin reply to this

        Stole? Who?



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

        1. AEvans profile image79
          AEvansposted 9 years agoin reply to this

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

        2. AEvans profile image79
          AEvansposted 9 years agoin reply to this

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

          1. ledefensetech profile image68
            ledefensetechposted 9 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.

            1. bgamall profile image82
              bgamallposted 9 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.

              1. ledefensetech profile image68
                ledefensetechposted 9 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.

                1. bgamall profile image82
                  bgamallposted 9 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.

                  1. ledefensetech profile image68
                    ledefensetechposted 9 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.

          2. tksensei profile image60
            tksenseiposted 9 years agoin reply to this

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

 
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