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alstry (35.21)

Oh Crap....The End of Capitalism

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April 21, 2009 – Comments (7)

April 21 (Bloomberg) -- Wall Street may be heading for the deepest investigation of its practices since a congressional panel’s probe of abuses following the 1929 stock market crash.

House Speaker Nancy Pelosi plans to push for a comprehensive inquiry, saying that three-quarters of Americans want to know what led to the bankruptcy of Lehman Brothers Holdings Inc. and the collapse of Bear Stearns Cos. and Merrill Lynch & Co. She favors one patterned after Senate Banking Committee hearings led by Ferdinand Pecora starting in 1933, according to her spokesman, Nadeam Elshami.

 

CAN YOU IMAGINE WHAT THIS MIGHT UNCOVER WITH ALL THE NONSENSE MANY OF US HAVE DOCUMENTED OVER THE PAST THREE YEARS???????????????????

 

WHAT IF WE LEARN WE ARE ALL EFFECTIVELY MADOFF'S CLIENTS??????

7 Comments – Post Your Own

#1) On April 22, 2009 at 12:13 AM, motleyanimal (93.75) wrote:

The end of Capitalism?

Vampires are immortal.

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#2) On April 22, 2009 at 12:43 AM, alstry (35.21) wrote:

TOKYO (MarketWatch) -- Shares of Pioneer Corp. rallied nearly 20% Wednesday in Tokyo following a report that the Japanese government may provide the electronics company with an equity infusion of around 30 billion yen ($305 million).

Hmmmmmmmmm.  Japan's exports down 50%

If nobody is buying your stuff, we will just give you government money for free............comrades.

Is this capitalism or some other ism?????

So, if citizens can't pay their bills.......Uncle Ben is going to give us money for free just like the banks????

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#3) On April 22, 2009 at 12:51 AM, alstry (35.21) wrote:

NOPE......Sorry Citzens.......

JUST LARGE PAY CUTS FOR YOU!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 Japan Eases Recession Pain as Wage Cuts Support Jobs

April 21 (Bloomberg) -- Toshio Taniguchi is one of about 10,000 workers at Tokyo-based Renesas Technology Corp. who accepted a pay cut last month to keep the company alive.

“It was tough to swallow,” said Taniguchi, a 62 year-old worker at the company, Japan’s biggest unlisted chipmaker. “But most people are just thankful they still have jobs.”

Japan, the country with the most flexible wage system in the developed world, is slashing pay rather than sacking people, easing the pain of what may be the country’s worst recession since World War II. A longstanding tradition of lifetime employment gives companies such as Toyota Motor Corp. and Renesas little choice, even if millions of workers like Taniguchi have to make do with less.

THANK GOODNESS THE JAPANESE DON'T HAVE MUCH DEBT......................

How will this play out in America when 70-90% of the economy is leveraged?????

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#4) On April 22, 2009 at 1:03 AM, alstry (35.21) wrote:

In America, many of us WON"T get pay cuts.......

From Bloomberg:

Thousands of GM and Chrysler LLC dealers across the U.S. are preparing for the probability that as many as 5,000 of them will be forced to close because of an automaker’s bankruptcy. Dealers say they’re ordering fewer vehicles, cutting expenses, retiring debt and firing workers to preserve cash.

At 30-50 employees per dealer...we could be looking at 150K to 250K from dealerships alone.....plus hundreds of thousands of addional workers from GM and Chrysler and suppliers.

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#5) On April 22, 2009 at 1:56 AM, alstry (35.21) wrote:

Maybe Japanese turning Americanese????

Hitachi cutting 7,000 jobsToshiba cutting 3,000 jobs Report this comment
#6) On April 22, 2009 at 2:29 AM, amassafortune (29.69) wrote:

Honda announced a U.S. worker buyout program today. 

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#7) On April 23, 2009 at 11:37 PM, OtherOracleOfOMA (61.44) wrote:

The end of Capitalism?

Vampires are immortal.

Very well put.

 

As to the inquiry, I can only say:

Pecora, baby!

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