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

Former Federal Reserve Chairman Worries Over Government Bailouts Of Collapsed Companies

[whitemale08]

Funny I didn''t hear "systemic breakdown of the U.S. economy" from our cheerleader Republican beauty queen. According to her and the Republicans, the "fundamentals of our economy are sound".

What all of our leaders should be saying including Obama, is announcing "bankruptcy reorganization of the Federal Reserve System".

But until that happens at least Obama knows that "taxes have to raised on the rich", and interest rates have to go up to shore up the "dollar".

It''s a not "sub-prime crisis", or "oil crisis", it''s a CURRENCY CRISIS and it could bring the WHOLE WORLD''S ECONOMY DOWN WITH IT!!!

There is no new "credit derivatives bubble" like the last "housing bubble" or "tech bubble" to kick-start our economy.

We have to start from scratch, go back to 1971 and 72 when Republican Nixon took us off gold standard but more importantly had gotten rid of the Bretton/Woods system of "fixed-exchange rates" that stabilized the world''s economy since the Great Depression.

Now that we don''t have a "fixed-exchange rate" system and nothing to anchor our fiat-currency like gold then we will continue to contract at an ever faster pace because our entire phony economy was like a big balloon.

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.

[harp1963]

Don''t worry Mr. Greenspan, we''ll just take all the money the entire decent hardworking "trying to make a honest living" American workforce has been paying into Social Security their entire lives, take it away from them by raising the Social Security age to a point that they are so feeble they won''t be able to have it or enjoy it, and then channel it to super wealthy bankers so they can continue their lives on the fully staffed 10,000 acre estates they currently live on.

Either way, the blessing is for the taken advantage of elderly. The Bible is full of mercy for all kinds of sins, but their isn''t much to be said in the way of mercy for the super wealthy who have taken advantage of others and caused mass suffer through their love of money and power.

There is life after death and there is a Hell. The greedmongers should review the story of Lazurus and the Rich Man before s c r e w i n g elderly people out of a savings they have paid into their entire lives. They should also take heed to a book that has travelled across some 2008 years, spread around the globe into every language, and was initially marketed by lowly individuals who road into pagan villages to be dismembered, tortured, and possibly burned alive.

If you don''t believe in Divine intervention after analyzing how the story of some obscure carpenter in some obscure town in the middle of no where in the desert grew to the proportion it is today, then you are a moron.

[petro49l]

The Federal Reserve Board should develop a policy of issuing loans to investment companies in crisis. It makes better sense than bankruptcy. The American People do not appreciate hand-outs to financial corporations. Those companies must pay back the money with interest.

[brianbwb-2009]

"Greenspan calls the current crisis "one of those rare, once in a century or half-century events." The full closure on this crisis is "a way off," he says. The U.S. economy, he observes, appears to be "on the brink of recession." And, worldwide inflation, he warns, is creeping, which will pose a challenge to central bankers, he says."

Yeah, right, like the dot.com bubble burst, or the automaker''s meltdown, Enron, Countrywide, and the airlines. Greenspan must be joking, be are not amused, Al. Greenspan counts short centuries, even I knew knew that these practices would be disastrous in the medium to long term, but at the time, it powered Wall street upwards, making it possible for the president to point to it, and lie that the economy was strong.

Brink of recession? The economy has been contracting since 1972, the current dollar carries 19% of it''s 1972 value, and is still dropping, just one Iran war from collapse. Greenspan is full of it.

[walt1944-2009]

One of his first acts as Great Emperor was for George W. Bush to "toughen" the bankruptcy laws, making people liable to pay back their debt instead of getting a "fresh start". At the time, he said he was "happy" to sign the bill which sailed thru the neocon Fascist Nazi Congress.

Yet, today, when a company or some outfit in Corporate America gets in trouble, the Great Emperor Bush II RUNS to have the government bail them out and give THEM a "fresh start", and all at taxpayer expense!!!

It''s obvious as to where the priorities of the Great Emperor Bush II and the neocon Fascist Nazi Republicans are at! They don''t care about the PEOPLE of this country and never will! All they care about is keeping Corporate America happy and get a slice of the pie for themselves!

SIG HEIL, BUSH!!!!!
sig heil, I''M A POW AND PROUD OF IT, McCain!!!!
sig heil, QUEEN OF THE WILD FRONTIER, Palin!!!!

[jtdev1]

Democrats: The federal tax system IS a magic piggy bank

Posted by payasyougo

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Republicans: China is the mother of all magical piggy banks....


Bumper sticker seen in the North:

Hate change? Vote McSame!

[payasyougo]

"Greenspan: Fed Is Not A Magic "Piggy Bank"
----
Democrats: The federal tax system IS a magic piggy bank


Bumper sticker seen in the South:
Obama: making the rich pay your fair share.

[jtdev1]

It''s funny how the big 3 now are requesting 50 billion in low interest loans from our government to retool...

So I''m sure our government will loan this money at a low rate all while borrowing this money from china at a high rate and who do you think will pay the difference in the interest rate??? Exactly, you and me...


Typical business as usual in washington....


Hey Feds, I need a low interest loan too....


I say let them all fail or at least make them go directly to china and ask for a low interest loan....