Indy
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Proof Paulson and Bernanke are Idiots
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But not yet. The indefatigable Paulson, along with Federal Reserve Chairman Ben Bernanke, this week unveiled a slew of new initiatives to try and restore confidence in the markets. On Tuesday, Bernanke unveiled a plan to try and gig the frozen market for commercial paper, offering to loan companies unlimited amounts of money three months at a time, sometimes with little or no collateral, a move unseen since the Great Depression. And at the Treasury, Paulson appointed a 35-year-old former Goldman Sachs banker as temporary head of the agency charged with using the $700 billion to lift bad loans out of the financial system. The banker, Neel Kashkari, immediately took bids from companies interested in running a market to price the bad loans.
| | Click source url to view entire story. |
Source: Time.com/Associated Press
Source URL: http://www.time.com/time/bus...ticle/0,8599,1848230,00.html
These two clowns who are supposed economic experts have no grasp on basic economics. Each time they meddle in the markets they in reality undermine consumer confidence. Why? Because we know that the more they meddle the bigger the problem actually is. And as long as the fundamentals behind this economic collapse still exists all these guys manage to do is compound the problem (plus interest).
One problem is that we don't make anything in this country anymore. That problem hasn't been correct.
Another problem is our dollar is worthless. Printing more money just makes that problem worse.
Another problem is that our economy is collapsing under the weight of debt. Adding more just makes that problem worse.
What do these clowns actually think they are fixing? They haven't solved the outsourcing of our manufacturing. They haven't pulled currency from the system to help boost the value of the dollar. And they haven't raised interest rates to discourage excessive borrowing. In fact they have done the exact opposite.
These idiots are ensuring the demise of this country. Some treat them as geniuses. To me they are criminals. Anyone that attacks this country the way they have are criminals. And as we've heard too often ignorance is no excuse.
"I think God gives us children so death won't come as such a disappointment." - Two and a Half Men |
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DanG
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Another problem is our dollar is worthless. Printing more money just makes that problem worse.
F*CKIN SHAME - these IDIOTS can't figure that part out ain't ??
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FatalWishes
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Actually the exchange rate for the USD has gotten a lot better. At one point the exchange rate for the USD against the EURO was 1.5877 on 07/21/2008. So far that was the worst. It has gotten better ever since and as of today it currently sits at 1.369.
It's value is based on its ability to be exchanged and most commonly against the Euro. It has steadily climbed against other currencies for almost a month now. It is surprising to see and I don't and won't trade on the Forex so I don't really know why it is doing better. The Forex is dangerous ground to be playing on.
That does not disprove Paulson and Bernanke are not idiots. Government has no business dealing with free enterprise and they are really going to make a mess of things. On the positive side they have recruited the heads of Goldman Sachs to help deal with this issue. Perhaps their input will help put an end to this fiasco.
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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ghoster
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GS execs won't solve this problem, they don't think they have a problem, after all the money spigot is on for them and hey life is great!!
Unless you have a mortgage and stuff like bills every month, but no worries we will just pour in money at the top and magically it will trickle down to the peons who will live a life of glorious adulation for the masters of the universe, who saved them from far worse. Yep, I believe that stuff, and sure enough, it works. Or does it?
Well Oct 7th kind of looks like the beginning of something, not sure what, but hey dates count.
As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron."
- H.L. Mencken |
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Indy
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The only reason the dollar looks to be improving against the Euro is not because the dollar is improving but because the Euro is sliding. It looks like they may have gotten themselves into a mess similar to what we have now. This isn't a race to the top. It is a race to the bottom.
"I think God gives us children so death won't come as such a disappointment." - Two and a Half Men |
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chrisisasavage
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chrisisasavage has attached this image:
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DanG
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man, I hope my pile o hundreds is good for a little more than that !!
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posted on 10/8/2008 at 17:15
