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I'm here to tell you that there is no resolution, no fix, and we now face a stark choice between most of American Finance being sucked into the vortex, and everything, including you, being sucked into the vortex.
Yes, those are some stark - and harsh - words.
They're also true.
As a consequence every one of these firms that has tried to "hide the sausage" is ultimately going to die. They have made the critical mistake of trying to play games instead of selling off their portfolio of trash last summer when it was still possible, and now are going to have to eat it - with disastrous results. It is highly probable that three years from now none of these firms will have survived in their present form.
Speaking of hiding the sausage, let's talk about AIG and WaMu.
The Truth: Its all a house of cards.
EVEN THE FDIC:
"We were wrong. As a former FDIC chairman, Bill Isaac, points out here, the FDIC Insurance Fund is an accounting fiction. It takes in premiums from banks, then turns those premiums over to the Treasury, which adds the money to the government's general coffers for "spending . . . on missiles, school lunches, water projects, and the like."
The insurance premiums aren't really premiums at all, therefore. They're a tax by another name."
Betcha you didn't know that.
The Dow Jones Industrial Average ($INDU) dropped 504.48 points, or 4.4%, to end at 10,917.51. The blue chips posted their worst point decline since Sept. 17, 2001 and worst percentage drop since July 19, 2002.
"More questions were left unanswered after the weekend; how does this Lehman bankruptcy affect the rest of the industry? We don't have answers for all the tricky questions that come up when somebody has $613 billion in debt and no market capitalization," commented Hogan.
Economic data had the Fed reporting U.S. industrial output fell 1.1% in August, the largest drop since Hurricane Katrina three years ago, and far worse than the 0.3% predicted by analysts. Read Economic Report.
Separately, the New York Federal Reserve Bank reported manufacturing activity in the region declined earlier in the month, with the Empire State index falling to negative 7.4 in September from 2.8 in August.
"spending . . . on missiles, school lunches, water projects, and the like."
Originally posted by Sky watcher
Greenspan caused all this and now we are back to square one the day after 9/11 except now we are worse off than before. The Fed does this just so they can gobble everything up cheap. Bank of America is the last great hope for the U.S. and the final target of the fed and their crooks.
If the fed comes out and tries to lower interest rates again there needs to be a lynching in D.C. Lets all hope that the market rebounds tomorrow off of some smart moves because if it tumbles more then it may slide fast. To many countries are now looking at us with evil eyes because they think that this is our fault when its the Fed with its European owners who are to blame.
Welcome to the biblical one world economy. Russia just learned that lesson the hard way, Soon the real hot war will start for the worlds resources if the world economy gets any worse because I think thats the only thing holding them back. When they feel there is not much more to lose then it will get very ugly.