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Okay, I am going to state the obvious… all branches (executive, legislative, and judicial) of our government and all of our representatives from State level up to the top of the pyramid, whether it be Democratic, Republican, Independent or Green Party, ARE IN BUSINESS WITH Wall Street…. Heck, Mr. Dimon (President of JP Morgan Chase) is on the Board of Directors at the same New York Federal Reserve bank as Mr. Geithner [served as] (figure) head... (Fact: Mr. Dimon had "business" ties with Michelle Obama in Chicago a few years back and have known each other since Harvard.) Look.... just take your money out of every one of these crooked institutions! What’s the worst that can happen? A broken economy?
- T.S.
Increased taxes mean reduced job creation by businesses and individuals and with no incentinve to make profits when the rewards for making a profit is heavily taxed at all levels. The result is less initiative to create employment and jobs. Taxes increase and revenue from increased taxes decreases while spending spirals out of control and taxes continue to rise to reduce the deficit spending. Eventualy the system will implode and go bankrupt. Currently super banks are back with no competition among banks and low interest rates amount to usury rates and robbery of depositors without using a weapon. We are out of control and people need to realize this and start working for massive changes in our financial system and government.
The foundational problem as I see it is socialism. As Margaret Thatcher famously put it: "the problem with socialism is that you soon run out of other peoples money"! The second problem is simply plain old human nature, you simply can not legislate effectively against mans natural GREED, people looking for an easy buck will always find a way around ANY new legislation!
What WOULD help in my view is an HONEST monetary system that would PRESERVE purchasing power, allow people to keep more of their earnings and provide incentives to SAVE personally rather than allowing government to control the purse strings.
This could be accomplished by backing our money with essential commodities like oil, copper and possibly other base metals as well as at least partial backing by gold and silver. The money supply should essentially be equal to and determined by the production of the country.
These commodities can not be produced by FIAT like our present "legal tender" laws that give the International Bankers a MONOPOLY for merely PRINTING numbers on pretty colored paper which automatically CAUSES inflation through interest, syphoning off our money supply as loans are paid back. Our present system is arguably a CLASSIC PONZI scheme requiring an ever increasing number of new loans at ever larger amounts to keep the money supply liquid enough for an economy to function, while having no direct relationship to GDP.
It would also require revision of tax laws such as a one for one reduction in Income taxes for every dollar saved, providing the necessary reserves for banks to LEND while at the same time providing retirement security for the individual.
Political parties should be REQUIRED BY LAW when forming a government to be responsible for their promises made to get elected; i.e. balanced budgets being a legal requirement so they could not BUY VOTES by promising things they can only fulfill by running DEFICITS, (money borrowed in the name of the taxpayers) eliminating as much as 50% of taxes that presently go to pay interest on DEBTS incurred by all levels of government. YES this would also require governments SAVING a contingency fund in good years to balance out bad years when fixed expense might not be covered by realized taxes.
In short, what is needed is more emphasis on RESPONSIBILITIES and less on perceived RIGHTS and the sense of entitlement at all levels of society that has gotten us into this present fiscal MESS!
You are correct. The fundamental problem of US is that it is not socialistic country.That is the reason no body cares to anybody in United States. In my argument is 'THE WORLD IS NOT DEVELOPED ONE' and if any body agrees to this it automatically says any change in a mass to the country has to come as collective and that is not there is US and that is the biggest drawback.In my opinion only the socialistic approach will remain as in tact in the world and every others will not survive.It may take another next 50 years.I think US will be out.
Where do you get the idea that, only the socialist approach will remain, but only if
Obama is allowed to continue his "approach" will the U.S. not survive.
The word Facism is not in the American vocabulary.Instead the use of word socialism is popular but not accurate.Mussolini knew the word and he ran the country to keep the coroporate powers happy such as is done with the big banks who get bailed out whereas the poor people get nothing or just food stamps because otherwise they could starve to death and that might look bad for richest country in the world since time began.it would look real bad as does the people who can not pay enough to live in house other than a tent.eventually USA may be called United States of Tents.Still with millions unable to afford proper housing does not mean USA is smart enough to avoid foreign useless wars which are expensive as hell and which benefits usa not at all but does make Gods chosen people happy as hell.
Thanks for the article.
What we have is a sick system. We all can do something about it is in Novermber election.
Good Idea "Happy" But November is so far away. I hope we, (the country) can keep it together, till then. Things are starting to fall apart.
More and more as I read and analyze the articles published by Money Morning, I am convinced this bulletin is nothing but a tool of big Corporate business mostly Insurance and financial institutions trying to manipulate our opinions.
Your anti Democrat, anti Government posture at present is obvious in contrast to the benign position of yours at the time of the Republican government. (Do not forget that the bases of the economic crisis were generated during the prior 8 years, and it was mostly ignored by your annalists.)
The advise given by the fat cats is usually directed to the benefit of their own pockets, not the benefit of the investors.
Lack of objectivity earns low credibility .
obama is so worried that his girls will be upset if they read about people calling him an iidiot,He should be more concerned what they will be reading about what they will be saying about him in history books.
He is such a lier, and really doesn't belong in the White House,I wonder who is writing what goes on the telaprompters. He is NOT PRESIDENTIAL material, and NOT because he is black & white,because he is a IDIOT.Stop with that already,getting to be a real weak excuse.
All I can give him credit for is he knows how to use all the right words ,but so shollow.
I didn't like george bush either also an Idiot and didn't k now what to do what is best for the AMERICAN people,
I am so convenced any one that runs for any Potitics in America should be at least the FORTH generation born in AMERICA,be at least 60 years old,they would have an investment in our Country, any younger hasn't experienced enough of life to know how to handle pitfalls.
Let start getting off our lazy a—s and do more research on the people we choose to work for us. right now they seem to forget who their bosses are.
And also remember when obama and his constituents from chicago are running America,LOOK at the back ground and where the money came from that put him in this possesion,people that voted just because they were democrates not because they took the time to check him out.
There are a lot of Democrated are sorry they voted for him but to little to late.But we can also get him out before he destroys American and what we stand for.
When a man that is choosen to help us goes to others and puts America down (and I have that on tape) DOES NOT represent AMWERICA or RESPECT it.
When he (obama) makes fun of the TEA PARTY shows American people will STAND up and give you a message only because we don't like and WONT have our country go down the path of distruction that obama is taking it.
HE is again frightened that enough people will stop him.Why do you think(that is if you use this option)he hates FOX news,and why do you think he wont go on, he has been invited,I'll tell they can pull up every lie he has told i n his words On tape, and he knows it will all come out. He tries to over tries to talk over people when they ask him repeat what he said,he comes up with, it was taken out of context,How lame .( and this person was supposed to have gone to collage?) For the people that is cut out of the same cloth as he is and defends him ,has not really check his past remarks.
Have you checked out how much money he has spent trying to cover his past and his lies, "MILLIONS"
He has lied his way to the top,I have nothing but pity for you that you can't think out of the box.
Pity for you Sorry for us.
Reid, palosi, and others that think we aren't their bosses are running the Tea Parties down,because they know people are trying to stop America from the Truth,(for those that listen)As it has been said about a TRUE AMERICAN"S this isn't about Demograts and Repubilicans,This is about our Right and Freedom as American's.
Better WAKE UP .You defend him and his mob because he is Democrat ,and I will say because bush was a screw up.But you didn't upgrad at all.
Start getting off you duffs and check out who you hiring to make sure America counts as Wonderful ,not go to other countries and say America isn't a Judeo Christian Nation. sorry bud but if we hadn't try to help all the people that wanted a better life than they had in the one they escaped and brought along with them and are trying to demand we except what they left, GO BACK from whence you came and by all means be happy.
THIS IS AMERICA not the country you left because they didn't treat you good. JUST leave
and go back where you are more comfortable,we aren't changing our Country to please you.
There is a saying for many years, "WHEN IN ROME DO AS THE ROMANS DO" Now if you are here "WHEN IN AMERICA DO AS THE AMERICANS DO"or get yor oasses out.
We are getting tired of all the BS obama and all of the people from other countries want to change the very thing they came here for.
And obama if this gets to you STOP shaking you finger in our face's it showes your ingnorance and lack of social graces.
I agree with you Jaime. Nothing possitive and nothing really new that could help the system to sustain or to evolve. The real meaning of the stock market is lost, and we are suffering the aftermath.
The financial reforms that are needed are:
1) End the Fed
2) End the IRS
3) End fractional reserve banking
4) Restore the Dollar (and Euro, Yen, etc) to stable currency status by reinstituting the gold / silver standard as it was before 1933.
Get the government all the way out of the financial regulation business. The Federal government has done absolutely nothing beneficial in regulating the nation's economy.
Message to the Government – Just get out !!!
Dear Editor:
There is no need for additional regulations. There were strict underwriting standards for borrowers, but the regulators Fannie Mae and Freddie Mac, ignored those standards. The regulators encouraged the real estate brokers to help the borrower to complete their financial statement so that they could qualify. Then the appraisers were expected by the mortgage originator and the realator to give them an appraisal that suited their goal. If the appraiser didn't play balll he received no business. And then the seller had be accommodating. It was a case of pure fraud. And, there were those in Congress who were pressuring Fannie Mae and Fredie Mac to ignore the underwriting standards. Those Congressmen stayed safely in the background. Barney Frank and Chris Dodd were those in Congress were charged with oversight of these two agencies.
More regulations will not change anything when there are greedy unethetical individuals (crooks) occupying powerful positions in government.