Economy - I am scared

MrMerkinball

Even though I pay my mortgage and have a good job, I am scared.

cubbieblue82

MrMerkinball wrote:

Even though I pay my mortgage and have a good job, I am scared.

Me too. :(

DriftingByTheStorm

Instead of simply being scared,
get educated, spread the knowledge, and help this to never happen again.

look,
this sucks,
but their is NO solution, so long as 99% of the American public doesn't even understand the fundamental issue at the crux here.

my2hands

DriftingByTheStorm wrote:

99% of the American public doesn't even understand the fundamental issue at the crux here.

http://forums.pearljam.com/showpost.php?p=5892747&postcount=3

inmytree

I'm not scared...

DriftingByTheStorm

my2hands wrote:

http://forums.pearljam.com/showpost.php?p=5892747&postcount=3

are you insinuating some unintended irony in my posts, or are you trying to helpfully point at what i claim is the fundamental problem, or both?

True, the people missed a chance to wake up in time to avert this crisis, but the chances of changing the central banking system in good times is so remote that it is in many ways a blessing that this happens now -- before the elections.

May we wake some folks up, god willing.

Look, sure we botched it by not understanding our own system of credit, to quote one of our forefathers ...

John Q. Adams wrote:

“All the perplexities, confusions, and distresses in America arise, not from defects in the Constitution or confederation, not from want of honor or virtue, as much as from downright ignorance of the nature of coin, credit, and circulation.”

but the great crime is NOT ours, it is one done by the men at the top.

To quote the great Andrew Jackson:

Andrew Jackson wrote:

“You are a den of vipers and thieves. I intend to rout you out, and by the Eternal God, I will rout you out. If the American people only understood the rank injustice of our money and banking system, there would be a revolution before morning.”

and from the anals of congress:

Louis T. McFadden wrote:

“Some people think the Federal Reserve Banks are the United States government’s institutions. They are not government institutions. They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign swindlers.” - Congressional Record 12595-12603 June 10, 1932

and then you have this entire wiki page of insults against The Fed.

wiki wrote:

"Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States"

-- Sen. Barry Goldwater (Rep. AZ)
"The [Federal Reserve Act] as it stands seems to me to open the way to a vast inflation of the currency... I do not like to think that any law can be passed that will make it possible to submerge the gold standard in a flood of irredeemable paper currency."

--Henry Cabot Lodge Sr., 1913
"The Federal Reserve bank buys government bonds without one penny..."

-- Congressman Wright Patman, Congressional Record, Sept 30, 1941
"I have never seen more Senators express discontent with their jobs....I think the major cause is that, deep down in our hearts, we have been accomplices in doing something terrible and unforgiveable to our wonderful country. Deep down in our heart, we know that we have given our children a legacy of bankruptcy. We have defrauded our country to get ourselves elected."

-- John Danforth (R-Mo)

"These 12 corporations together cover the whole country and monopolize and use for private gain every dollar of the public currency..."

--Mr. Crozier of Cincinnati, before the Senate Banking and Currency Committee - 1913



"This [Federal Reserve Act] establishes the most gigantic trust on earth. When the President Wilson signs this bill, the invisible government of the monetary power will be legalized....the worst legislative crime of the ages is perpetrated by this banking and currency bill."

-- Charles A. Lindbergh, Sr. , 1913
"We have, in this country, one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States and has practically bankrupted our government. It has done this through the corrupt practices of the moneyed vultures who control it".

-- Congressman Louis T. McFadden in 1932 (Rep. Pa)



"The Federal Reserve banks are one of the most corrupt institutions the world has ever seen. There is not a man within the sound of my voice who does not know that this nation is run by the International bankers

-- Congressman Louis T. McFadden (Rep. Pa)

Vedderlution_Baby

Can someone please tell me what the failure of the bailout means to a 21 year old kid who's got no money in stocks, no house payments, and only has student debts to contend with?

DriftingByTheStorm

Vedderlution_Baby! wrote:

Can someone please tell me what the failure of the bailout means to a 21 year old kid who's got no money in stocks, no house payments, and only has student debts to contend with?

A prolonged credit contraction or an absolute freezing of the credit markets (failure of banks to lend to eachother) COULD bring down the entire economy, cause massive layoffs, bankruptcies (personal and professional), foreclosures, and even cause things like bread and gas lines.

But then again, there are plenty more chances for the government to do something to interfere with the market they've already botched.

Only time will tell, kiddo.
:(

TrixieCat

I am scared too.
I was lucky enough to sell my stocks before this happened and put the money in an account and don't carry any credit card debt.
But I will have student loans in a year and apparently the mortgage has gone up. :mad:
Too many frackers living beyond their means. :rolleyes:
Oh, and if I wasn't scared before, Suze Orman sure scared the shit out of me. :eek:

Hawkshore

DriftingByTheStorm wrote:

A prolonged credit contraction or an absolute freezing of the credit markets (failure of banks to lend to eachother) COULD bring down the entire economy, cause massive layoffs, bankruptcies (personal and professional), foreclosures, and even cause things like bread and gas lines.

But then again, there are plenty more chances for the government to do something to interfere with the market they've already botched.

Only time will tell, kiddo.
:(

Fuck me it sounds like time to spark up a fatty!

inmytree

TrixieCat wrote:

I am scared too.
I was lucky enough to sell my stocks before this happened and put the money in an account and don't carry any credit card debt.
But I will have student loans in a year and apparently the mortgage has gone up. :mad:
Too many frackers living beyond their means. :rolleyes:
Oh, and if I wasn't scared before, Suze Orman sure scared the shit out of me. :eek:

I'm curious, you say "apparently the mortgage has gone up"...was this something that caught you by surprise...?

mbangel10

"Give me the control of the credit of a nation, and I care not who makes the laws." The famous boastful statement of Nathaniel Meyer Rothschild, speaking to a group of international bankers, 1912: "The few who could understand the system (cheque, money, credits) will either be so interested in its profits, or so dependent on its favours, that there will be no opposition from that class, while on the other hand, the great body of people, mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear its burdens without complaint, and perhaps without even suspecting that the system is inimical to their interests." The boastful statement by Rothschild Bros. of London.

Note: JP Morgan, which just bought out WaMu, is a Rothschild subsidiary.

Now that is scary.

Honestly, the people w/ investments are screwed if they panic. Do not panic, hold on to what you have, and ride it out. The market will correct itself, it's been proven time and again that it will. Don't add to their wealth by selling at a loss. Just sayin....

DriftingByTheStorm

Hawkshore wrote:

Fuck me it sounds like time to spark up a fatty!

bowl of hash over here.

yostarama

TrixieCat wrote:

I am scared too.
I was lucky enough to sell my stocks before this happened and put the money in an account and don't carry any credit card debt.
But I will have student loans in a year and apparently the mortgage has gone up. :mad:
Too many frackers living beyond their means. :rolleyes:
Oh, and if I wasn't scared before, Suze Orman sure scared the shit out of me. :eek:

My coworker and I were talking about poeple living beyond there means. $400,000 house + two cars = about $2500 a month in payments. Taxes are about $14,000 a year in South east Penn. for a house like that. Boats, RV motorcycles, ATV's. Who knows how much CC dept. Gas electric etc. How can poeple pay for all this stuff. Oh they don't and shaft the banks via bankrupsy. When I was a kid my parents didn't use creidt they used lay away. This all stinks. Later Yostarama

Anon

you do realize don't you that this doesn't just fuck up our country. i was talking to my dad in australia today. he's an accountant and he is seriously worried what's going to happen when the markets open up there today. very worried.

beachdweller

MrMerkinball wrote:

Even though I pay my mortgage and have a good job, I am scared.

My guess was the dow would go sub $9k before this ends a month ago...I'm now thinking it could go sub $8k before it get's better. If there is no bailout, then we all will hut, if there is a bailout, then the rich get saved, and the middle and lower class will still be hurtin...