Now if we can only get the "spin off derivatives" amendment, the "split up the biggest banks" amendment, the "all costs for bailouts will be retroactively charged to banks" amendment, etc.
Not all of us are accountants.
There is some many points in the great bend over that is our Government, to even fully understand a single point of it would cause most people enough frustration they would be rioting in the streets.
I'm not an accountant; I am in financial software sales.
I think that's part of the plan, make the system so confusing that people will get bored and lose interest. That way there's no scrutiny from the public, generally.
Most undoubtedly. I work with sell-side traders mostly, but have zero pit exposure as we have no exchanges in SF.So you're the bastard responsible for that little dip two weeks ago.........figures
Okay, so its an inflation issue. So my next question is do the people who want to audit the fed understand this? What happens when/if you expose the fact that the securites are worthless? Wouldn't that in fact cause the sort of hyperinflation that $tinkle alludes too? And aren't pro-audit people typically the tea-bagger/"america fvck yea" crowd? Would it not be ironic for these people to sink the ship? I understand the angle of wanting the accounting to be transparent on a moral ground, but is it worth the danger of exposing the country to hyper-inflation?
Yup. Kinda like the increased capital requirements and pull-back on spending in 1936 caused a double-dip recession in 1937. You've got a bunch of politicians who have zero clue on macro-economics whipping up the ignorant mouth-breathers with catch-phrases and sound bites. Ron Paul has a Medical Degree (from 1961) and yet thinks that he knows more about how to manipulate the economy of the US than someone like Volker, Bernanke, etc. He's demanding an audit of the Fed based purely on political, not economic grounds.
I love how the GOP doesn't mention the banks GWB bailed out.
Read on one of the WSJ's comments pages today that "GWB was a RINO". Riiiiight, because you weren't figuratively sucking his cock the 8 years that he was president...
This is something I've thought a lot about. I've often wonderd if maybe we should have let the big banks collapse under the wieght of thier own stupid. Was it really the edge of the abyss as it was portrayed? How long would it have lasted? Maybe it would have sucked for a while but might we have been better off long term? Thoughts?
It would have been very ugly, but in doing so, it would have destroyed trillions of dollars of bad credit. That destruction would have erradicated most of the bad debt and the void from the large banks would have left open opportunities for the banks that were prudent to come back with a vengence.This is something I've thought a lot about. I've often wonderd if maybe we should have let the big banks collapse under the wieght of thier own stupid. Was it really the edge of the abyss as it was portrayed? How long would it have lasted? Maybe it would have sucked for a while but might we have been better off long term? Thoughts?
My guess? Yup. Knowing how much certain industries rely on credit to run their businesses, a further contraction in credit would have been absolutely devastating, resulting in further deflation, more unemployed people, and literally a return of the Great Depression. Remember, the US recapitalized the banks in several different ways. There was TARP (direct handing of money), TALF (lending based on questionable securities), zero-percent-interest-lending at the fed window, etc. Without these I'd guess that almost every major financial institution would've failed.This is something I've thought a lot about. I've often wonderd if maybe we should have let the big banks collapse under the wieght of thier own stupid. Was it really the edge of the abyss as it was portrayed? How long would it have lasted? Maybe it would have sucked for a while but might we have been better off long term? Thoughts?
I see your 100 Billion and raise you 100 Trillion!!!BTW, where can I get one of those Zimbabwe 10M bills? I have to have one.
*edit, found a picture of a 100 billion note. I need that instead.
furthermore, fedex's numbers are a matter of nat'l security, as it's a direct indicator of our economy (generally speaking)
