The Global Economy Was Hours From Complete Collapse
This is an amazing admission by Representative Kanjorski. The first two minutes of this video involve a very upset citizen calling in to C-SPAN. But, at the two minute mark this video gets very interesting. Kanjorski talks of what happened on Thursday, September 18th. It is more than frightening. It is a validation that Frankenstein finance has been completely repudiated by the markets. Ironically, the day before, September 17th, I put up the post in italics below as I watched markets completely fall apart unlike anything that has been witnessed in modern times. Within days the market collapsed and fell 40% in two months.
We Are Witnessing The True Potential For Some Type Of Disaster
As I have repeatedly said and is in the Terms of Use for this blog, I don't give financial advice. Credit markets today are completely broken. We have not seen this type of environment since the Great Depression. I'm not sure if this will abate in coming days but if you haven't done so, you might consider seeking out a financial advisor to protect yourself.
Now what should you take away from this? Well, from my perspective a few things. One, 'free market' dimwits who thought the Federal Reserve should sit on their hands rather than responding aggressively to this crisis would have lost their entire life savings, their jobs and their way of life if the Fed had listened to them. Two, this is the financial system our government allowed to develop without a watchful eye to regulation. In other words, the root cause of this crisis lies in the fault and complicity of the Federal government. Three, this happened because the banksters spent billions lobbying our government to do whatever they damn well pleased. And, that is exactly what they went about doing. Four, that we have not addressed any systemic risks since this happened is because lobbyists are likely blocking meaningful reform - see point Two and Three again. Five, anyone toying with their life savings in this market is a complete idiot. And six, Geithner's interview today stating that this is just as 'recession' and by next year at this time we will be in recovery is patronizing and untrue at best. At worst it is a blatant mischaracterization of what we see before us. Seven, if you aren't religious, it's time to get religion because it's time to start praying.
We Are Witnessing The True Potential For Some Type Of Disaster
As I have repeatedly said and is in the Terms of Use for this blog, I don't give financial advice. Credit markets today are completely broken. We have not seen this type of environment since the Great Depression. I'm not sure if this will abate in coming days but if you haven't done so, you might consider seeking out a financial advisor to protect yourself.
Now what should you take away from this? Well, from my perspective a few things. One, 'free market' dimwits who thought the Federal Reserve should sit on their hands rather than responding aggressively to this crisis would have lost their entire life savings, their jobs and their way of life if the Fed had listened to them. Two, this is the financial system our government allowed to develop without a watchful eye to regulation. In other words, the root cause of this crisis lies in the fault and complicity of the Federal government. Three, this happened because the banksters spent billions lobbying our government to do whatever they damn well pleased. And, that is exactly what they went about doing. Four, that we have not addressed any systemic risks since this happened is because lobbyists are likely blocking meaningful reform - see point Two and Three again. Five, anyone toying with their life savings in this market is a complete idiot. And six, Geithner's interview today stating that this is just as 'recession' and by next year at this time we will be in recovery is patronizing and untrue at best. At worst it is a blatant mischaracterization of what we see before us. Seven, if you aren't religious, it's time to get religion because it's time to start praying.
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