Comments on: The Psychology of Ben Bernanke: The Great Depression was caused by the Federal Reserve. Was he Talking About the current Great Depression that is Sprouting Under his Watch? Lessons From the Great Depression: Part XIII. The Federal Reserve.

By: Tbone Walker

Tbone Walker — Sun, 02 Aug 2009 22:29:11 +0000

Gimme a Break!

The FED, acting as bartender, gives out free booze to the bankers

The FED caused 3 depressions in the 30’s, (google how their flood & retraction of currency correlates precisely with Corp failure & unemployment)

The Federal Reserve Bank is privately owned

The FED owes its duty to private shareholders!

FED precipitated 1.5 quadrillion dollars in fake derivatives!

The FED wants the USA to collapse! The FED is NOT part of the US Gov!

Once the USA collapses, they buy up assets for pennies

By: Michael LittleBig

Michael LittleBig — Fri, 11 Jul 2008 14:23:31 +0000

Being from Ohio I was struck by the phrase” Cleveland is the foreclosure epic center”
As I read, looks like 1.5 million foreclosures with 2.5 million in the process.
This foreclosure/credit crisis has many sides that are all interconnected. What blew my doors off, is the fact that federally chartered savings bank( Countrywide CA; Washington Mutual WA; Am Trust OH) are not legally bound by federal consumer banking regulations, because there are none. These types of banks they operate with absolute impunity. They have no accountability to anyone. Their federal supervisor, the Office of Thrift Supervision has no authority to protect a borrower from unethical actions by a federally chartered savings bank. However by using the shield of secrecy (which is now labeled privacy); the OTS does protect the bank. The States have no authority over federal banks. This is verified by the fact that two States are now suing Countrywide, and if they win, new and bold case law would be established. I look for more State to join this lawsuit parade which will march on for years.
It does appear that nothing has changed since the last savings and loan crisis other than it is much worse. We see on the horizon where the Banks maybe violating TILA (truth in lending act) by freezing HELOCs. The list of unethical lending operations keeps growing like a ship without a rudder. Personally, I would agree with the many that say this foreclosure /credit crisis is only the very tip of the iceberg. If this current crisis was the Titanic, then the politicians would be on the lifeboats waving goodbye to the women and children who were left on the decks of the sinking USS Economy.
MLB

By: John

John — Fri, 11 Jul 2008 13:46:27 +0000

“Anyone have a plan?”

Internationalize yourself I have. Open a bank account in in a foriegn country with a history of good banking stewardship ie Switzerland, Austria, and believe it or not recently Panama. You need to be able to get wealth out of the US dollar as currency controls will eventually be imposed as the dollar collapses. Buy a crib in another country. We all agree there is going to be chaos here as the financial system implodes better to watch via satellite then out your living room window. Buy physical gold and store it in a secure location outside of the US. The US government has made gold ownership illegal in the past, google “FDR gold confiscation”. Use bear funds or short vulnerable companies yourself as the stock market has a long way to fall from here over the next few years. Those are just a few ideas however they require some capital to put into action. No capital then just deal with it as it comes.

By: Alan in RTP

Alan in RTP — Fri, 11 Jul 2008 00:13:02 +0000

Well written, once again. I think it is obvious to any man that choses to see what the magnitude of the situation is, qualitatively. No man truly can quantify the gravity of the predicament facing us in the near or long term. An most have a vested interest in keeping the masses from the truth, so we will continue to receive an attempt at mass confusion and inundation of suedo-facts, deceptions, and flat out lies. If everyone invested in commodities, only the first to the party will be able to steal from all the rest–we can’t all go out and rob each other’s house every night. No one gains there. Contraction is a death spiral, and only WalMart wins for a while. When the golden goose has bled dry, it will be too late.

Anyone have a plan?

By: Scott

Scott — Thu, 10 Jul 2008 23:25:28 +0000

Here’s something really scary. Anyone remember Gary Condit? The California congressman whose career ended when his very young mistress was found murdered in Rock Creek Park. Well he’s living in Arizona now and was in the news for losing a libel lawsuit against Dominic Dunne. That isn’t what caught my eye. This was what I found interesting. He is being sued by Baskin-Robbins, the ice cream retailer, for mismanagement of two stores he ran in Arizona. Think about it. A veteran US Congressman, cast lose from Washington, where he made economic policy for the largest economy in the world, was unable to succeessfully sell ice cream in the desert! This, I’m afraid, is probably, typical of the denizens of our Congress and we have two of them running for president.