Comments on: Greenspan: Fed Is Not A Magic "Piggy Bank"

Former Federal Reserve Chairman Worries Over Government Bailouts Of Collapsed Companies

[hypnotoad72]

BTW.... If every man, woman, child, illegal immigrant, legal alien, and visitor forked over about $27,000 to the Federal Government, we could reduce the national debt to about zero.

I hope you find this comforting. lol

Posted by mnelsonix
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Why are you Laughing Out Loud? Something amuses you?

[hypnotoad72]

I''''m not rich and I can see why we need to NOT overtax the rich.

Posted by mnelsonix a
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In 1952, the tax rate for the wealthy was something like 88%. These days it''s 30%. I''m hardly rich and my rate isn''t quite 30% (though if I looked at my gross income and net income lines on my check, the net amount removed is about 33%). How many more cuts do they, or the rest of us, really need?

Especially with the national debt (unless someone is going to whittle off a few flakes of gold from a bar in Fort Knox to help pay back that national debt, of course), more tax cuts are not a good idea, the US is the best country in the world to live in, and our soldiers fight and die to protect us all - including them.

[stn_sage]

I wish Alan Greenspan would have shown the same frank disclosure on the issues when he was head of the Fed as he does NOW that he no longer is!

Consequently, he suffers a HUGE credibility gap as far as I''m concerned! I don''t care what he has to say, he had his chance while serving under Bush, and he failed in his duties---now, he should just go AWAY!

[jsutaguy]

There are some very rich men behind this corruption. To quote Jack Abramoff: "Washington is the land of loopholes, where the spirit of laws are broken everyday..".

Name the rich individuals who profited heavily from the corruption of the last eight years. STrip them of their money and put them in a REAL prison.

Or don''t.

Either we ARE a country which operates under the rule of law, or we are not.

Which is it going to be? The other non-wealthy non-Wall Street 95% of the country wants to know....do we obey the laws, or do we not?

This is where the corruption in Washington, and the corruption of the corporate Washington buyout is taking us.

[grandesign]

"The ex-Fed chief says he is skeptical of a sweeping plan, put forward by Treasury Secretary Henry Paulson, that would turn the Fed into a uber cop of sorts - responsible for policing financial market stability."

It is not the Fed''s responsibility--it is the SEC''s responsibility to keep integrity, and hence stability, in the financial markets. The polices are already in place, and ignored consistently.

[grandesign]

"the Fed''s unprecedented actions - including financial backing in March for JPMorgan Chase & Co.''s takeover of Bear Stearns Cos. - are putting taxpayers on the hook for billions of dollars of potential losses."

The next thing you know, Insurance companies and mutual funds will be tapping at the Fed''s window for taxpayer money. The SEC rules and regulations are standardized, the equity vehicles are paid last, the Preferred vehicles are paid second to last, the Bonds are paid earlier then both of these, and the Government is paid tax and liens first.

Let the equity be wiped if the company fails. That''s the reason for speculation--and the taxpayers should never be responsible for it.

[jsutaguy]

Of COURSE the Fed is a magic piggy bank! It can print money, based on nothing, and ''lend'' it to large, Wall Street banks who then ''lend'' it to us! Then, in order to finance that debt, they get other big countries to ''lend'' us the money and they pay them interest. Every month, you just borrow more money from other countries.

That''s the Repbulican ''small government'' approach!

Who does Greenspan think he IS trying to tell people that''s not how it works!!????

(/Sarcasm)

[grandesign]

"A high-level panel of financial officials should be given broad authority to quickly determine whether a failing company poses a sufficient threat to the entire U.S. economy, he recommends. If so, the company would be shut down."

I completely disagree. The government should rigorously enforce anti-trust laws to prevent such vertical consolidations, and also prosecute more vigorously those companies that manipulate the ratings of bonds and other securities, and those that break accounting laws.

This whole economic mess has been created by those who have lacked the integrity to do the right things, and have cheated us into a gigantic hole.

[jsutaguy]

hmmm

[wardoglrs]

"The unarmed man is not just defenseless, he is also contemptible." Machiavelli

"Pick up a rifle and you change instantly from a subject to a citizen." Jeff Cooper,
The Art of The Rifle

"Only a virtuous people are capable of freedom. As nations become corrupt, they have more need of masters." Benjamin Franklin.

"Neither the wisest constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." Samuel Adams.

%u201CUnfortunately, nothing will preserve [liberty] but downright force. Whenever you give up that force, you are inevitably ruined.%u201D Patrick Henry

%u201CCourage is reckoned the greatest of all virtues; because, unless a man has that virtue, he has no security for preserving any other.%u201D Samaul Johnson

%u201COne of the penalties for refusing to participate in politics is that you end up being governed by your inferiors.%u201D Plato

%u201CThe danger is not that a particular class is unfit to govern. Every class is unfit to govern%u201D
Lord Acton.

[wardoglrs]

"The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in Government." -- Thomas Jefferson

"If tyranny and oppression come to this land it will be in the guise of fighting a foreign enemy." Thomas Jefferson

"Anyone who would sacrifice freedom for security deserve neither". Ben Franklin (paraphrased)

"I would rather die with the constitution clinched in my fist, then live with shackles on my feet" Greywolf

"Arms are the only true badges of liberty. The possession of arms is the distinction of a free man from a slave."

[xmanborg]

Taxes are going to have to go up some time in the futrue, who is going to pay for George W Bushies spending habbits in the Middle EAST ?

Oh and by the way Republicans did you see that segment on CNN last weekend about the Swimming Pool that was Rebuilt in Bagdad at a cost of 500,000 US Tax payer dollers so the children can have a place to swim and IRAQ is sitting on 97 billion dollars of oil revenue held in US BANKS.

WHY THE FRACK did the US TAX PAYERS pay for this Frackin swimming pool when IRAQ has 97 billion sitting in US BANKS. I would like a Republican to answer that Question !

Just another Republican HAND OUT to IRAQ and the People of IRAQ so the frackin children can swim.

At the Republican convention last night there were NO BLACK PEOPLE THERE, Fyi Republicans, RICH White People with Tans dont count as Black People, there called African Americans and there were NO African Americans in the audience last night, maybe 10 and the Republicans sure kept the camara on them for an extended amount of time. It was the same Black People Over and Over and Over again they kept showing nice try to hood wink the American Public again.

Good OLD, Abe Lincoln was there last night with his top hat I am sure all you Gun Luvin, Right Wing, Fat Chubby Pizza Eatin Republicans got a chuckle out of GOOD OLDE Abe Lincoln being in the audience.

LOOK BILLY BOB Youins see that THERE IS, ABE LINCOLN standing there in the Audience and he has his top hat.

[wardoglrs]

%u201CCompetition [i.e. capitalism] is a sin.%u201D
%u201CI want to own nothing and control everything.%u201D
%u201CThe ability to deal with people is as purchasable a commodity as sugar or coffee and I will pay more for that ability than for any other under the sun.%u201D
John D. Rockefeller (Fascist cartel robber baron and promoter of the U.S. %u201CFederal Reserve%u201D Act in alliance with the Rothschild bloc. 1839-1937)
%u201CI don%u2019t care who the government is. Let me control the money and I will control the country.%u201D
Mayer Amschel Rothschild (attributed to the German godfather of the Rothschild bank cartel and grandfather to heir Lord Baron Nathaniel Mayer de Rothschild: owner of the Bank of England and a key promoter of the U.S. %u201CFederal Reserve%u201D Act. 1744-1812)

"Every citizen should be a soldier. This was the case with the Greeks and Romans, and must be that of every free state."
Thomas Jefferson

"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants."
Thomas Jefferson

[wardoglrs]

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." - Thomas Jefferson, Letter to Treasury Secretary Albert Gallatin (1802)

When all government, domestic and foreign, in little as in great things, shall be drawn to Washington as the center of all power, it will render powerless the checks provided of one government on another, and will become as venal and oppressive as the government from which we separated - Thomas Jefferson

[wardoglrs]

%u201CWith the exception only of the period of the gold standard,all governments of history have used their exclusive power to issue money to defraud and plunder the people.%u201D - Friedrich Von Hayek


%u201CThe real truth of the matter is, as you and I know, that a financial element in the larger centers has owned the government of the U.S. ever since the days of Andrew Jackson. History depicts Andrew Jackson as the last truly honorable and incorruptible American president.%u201D

I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them. Thomas Jefferson

"Paper is poverty,... it is only the ghost of money, and not money itself." Thomas Jefferson to Edward Carrington, 1788


President FDR (on Fascist rule in a letter to corporate con man %u201CColonel%u201D Edward M. House, a founder of the Council on Foreign Relations and political fixer for the ruling class. House also handled President Wilson for the foisting of the privately rigged %u201CFederal Reserve%u201D Corp bank monopoly. 11/21/ 1933)

[vastr-wcon]

Greenspan: Fed Is NOT A Magic "Piggy Bank"

Bailout Bernanke and the Feckless Fed: Fed IS A Magic "Piggy Bank"

Regrettably, Bailout Bernanke is now in charge.

[lochlan-2009]

We never did "grow the economy" in a real sense, our economy has contracted since 1972 under Nixon, where manufacturing/production was all to be replaced by credit debt bubble derivatives swaps nonsense and now it''''s all blown up. Welcome to the New World Order Under Debt Serfdom.

Posted by whitemale08

EXACTLY!!!! It''s only part of the story but I think Greenspan is feeling the heat from his disgrace and is trying to get some face back.

[yeswecan09]

****Democrats: The federal tax system IS a magic piggy bank****

Republicans: Don''t worry about debt -- we will just pass it onto the next generation.

[sly_64]

Then we should not be sending billions in foreign aid when we can''t even pay for our own electric bill.

It''s like paying to fix your neighbors fence while your own roof has collapsed.

[jumkey]

Magic Piggybank?

Holy krap.