why is our economy so bad?

[macmaniac1]

Well, here is a great perspective, check it out!
Fred on the Economy

[roofeditor]

Originally Posted by macmaniac1

Well, here is a great perspective, check it out!
Fred on the Economy

The London school of Economics. How can he know anything.

Robert Rubin - Wikipedia, the free encyclopedia


In 1999, affirming his career-long interest in markets, Mr. Rubin joined Citigroup as a board member and as a participant "in strategic managerial and operational matters of the Company, but [...] no line responsibilities."[15] The Wall Street Journal called this mix of oversight and management responsibilities "murky."[15] In an interview with the Journal, Rubin said: "I think I've been a very constructive part of the Citigoup environment."[15] Separately, the Journal noted that Citigroup shareholders have suffered losses of more than 70 percent since Rubin joined the firm and that he encouraged changes that led the firm to the brink of collapse.[15] In December 2008, investors filed a lawsuit contending that Citigroup executives, including Rubin, sold shares at inflated prices while concealing the firm’s risks. A Citigroup spokesman said the lawsuit was without merit.[16]


Of note, the supermerger between Travelers Group and Citicorp was facilitated by the repeal of the Glass-Steagall Act (Gramm-Leach-Bliley Act). This legislation was passed under the Clinton administration, days before Rubin's resignation. Consolidation of investment, commercial banking, and insurance services as practiced by Citigroup under the direction of Rubin has been implicated in the subprime mortage crisis.

He sparked controversy in 2001 when he contacted an acquaintance at the Treasury Department and asked if the department could convince bond-rating agencies not to downgrade the corporate debt of Enron, a debtor of Citigroup. Rubin wanted Enron creditors to lend money to the troubled company for a restructuring of its debt; a collapse of the energy giant might have serious consequences for financial markets and energy distribution.


We and our children will be paying for this TRILLIONS of debt for 50 to 100 years.

[macmaniac1]

How can we and our children pay back this massive debt if the govt just keeps borrowing and covering up/redirecting blame for the people that got us here?

[checkthisout]

It's simple.

You declare all the bankrupt banks bankrupt and simply don't pay.

They can work for a living like the rest of us.

[Vipersix]

Originally Posted by checkthisout

You declare all the bankrupt banks bankrupt and simply don't pay.

Can we declare the federal government bankrupt while we're at it and demand all new leadership?

[Believer45]

Originally Posted by Vipersix

Can we declare the federal government bankrupt while we're at it and demand all new leadership?

We could not be so lucky.

[yaric008]

Originally Posted by Vipersix

Can we declare the federal government bankrupt while we're at it and demand all new leadership?

Well seeing money doesn't really even exist anymore... we just make it up out of thin air. No, they'll never be broke as long as we think the money is worth something. It's just all one big Ponzi scheme if you ask me. Banks make money by collecting money, then pay you off when you cash out or need your money with other people's money.

[checkthisout]

Originally Posted by Vipersix

Can we declare the federal government bankrupt while we're at it and demand all new leadership?

I used to be a Democrat but they have all gone Milquetoast on me so yes, yes we can.

[checkthisout]

Originally Posted by yaric008

Well seeing money doesn't really even exist anymore... we just make it up out of thin air. No, they'll never be broke as long as we think the money is worth something. It's just all one big Ponzi scheme if you ask me. Banks make money by collecting money, then pay you off when you cash out or need your money with other people's money.

*applause*


The Financial system is the problem. How many middle-men can producers support until they simply don't have enough left over for anymore parasites?

[Vipersix]

Originally Posted by yaric008

Well seeing money doesn't really even exist anymore... we just make it up out of thin air. No, they'll never be broke as long as we think the money is worth something. It's just all one big Ponzi scheme if you ask me. Banks make money by collecting money, then pay you off when you cash out or need your money with other people's money.

It's a rather boring and difficult read, but I'd recommend checking out Secrets of the Federal Reserve by Eustace Mullins (who wrote it in conjunction with Ezra Pounds). You learn a great deal about the Fed and how corrupt and out of control that "agency" is. As Yaric pointed out, money is created out of thin air at a rate of 10:1! Insanity!!

[clamgulch]

Ding ding ding ding ding!!!!!! We have a winner! Someone give Vipersix a Cigar!

For those too lazy to read it, I'll make it really simple for you: We're playing monopoly and the bank already owns everything.

[roofeditor]

Originally Posted by clamgulch

Ding ding ding ding ding!!!!!! We have a winner! Someone give Vipersix a Cigar!

For those too lazy to read it, I'll make it really simple for you: We're playing monopoly and the bank already owns everything.

Sort of like...."Meanwhile, I no longer give a tinker's dime about any of the ridiculous, uneducated opinions on this website. A few of you "get it" because you want to. The rest are sitting in darkness because that's what you choose."?

clam out.

[macmaniac1]

I may be wrong here, but I believe this is how we ended up with the current elected admin. The ones that are "sitting in the dark" just elected the biggest snow job into power and all of their lackies. It seems all we really did was to switch the arms of power to the ones that have been pulling major strings behind the scenes for many years and blaming the results on everyone else. Unlike the other "arm of power" I believe these people have made an art out of it. I don't believe that this country has actually "changed" anything. They just want us to believe it so or "sit in the dark", or "your happy place" or what ever you call it. I hope that people will come to "see the light" before it gets too late.

[drcampbell]

http://www.freepress.org/images/cartoons/420big.jpg

[roofeditor]

Originally Posted by drcampbell

http://www.freepress.org/images/cartoons/420big.jpg

House of mirrors.....make a bad loan? no problem make another bad loan to pay of the first bad loan!