Use access key #2 to skip to page content.

alstry (34.92)

WAR OR DEPRESSION...just two choices left!!!!!!

Recs

21

October 10, 2009 – Comments (12)

WE ARE NOW CUTTING OFF CREDIT TO CITIZENS..at the fastest rate in history

'Democratization of Credit' Is Over

The recession has forced a reckoning for low-income Americans who relied on borrowing to gain the trappings of middle-class life.

WHEN YOU CUT OFF CREDIT REVENUES EVAPORATE............WITHOUT REVENUES TAX RECEIPTS EVAPORATE......AND DEFICITS SKYROCKET.....

Schwarzenegger's California Budget Is in the Red 10 Weeks After Passage

IN SEPTEMBER....TAX RECEIPTS TOOK A NOSE DIVE ACROSS THE NATION TO CITY, COUNTY, STATE, AND FEDERAL GOVERNMENTS.....

Local governments are being forced to slash.......FHA, FDIC, AND PENSION GUARANTY ARE BROKE......

NOW THE FEDERAL GOVERNMENT CAN ONLY PRINT TO MEET NEEDS......as no nation has enough money to lend to us......

How long do you think the world is going to let America counterfeit TRILLIONS OF DOLLARS OF currency PER YEAR simply to maintain an artificial standard of living and prosecute our wars???????

Once the world cuts us off.....our President will be left with a pile of worthless currency that few nations will accept and the biggest, toughest, meanest military machine in the world to conduct trade.....

What will President Obama do.....lead his nation into war or tell his people the country is broke?

The WAR against the Dollar began in ernest in 9.09 as the illusion of tax receipts supporting spending was extinguished.......the insiders always know before you do.......

Isn't it nice our President just won the Peace Prize for seemingly doing nothing........or did he actually do or prevent something that we don't know about?

Can you imagine the pressure this guy is under.....fight the world or face your citizens.........and you guys think the stock market is going up because revenues are evaporating and earnings are illusory??????  Please, the fattest turkey always dies first before Thanksgiving.

Now without going into too much further.....it really is time for me to take a break for a while....let's all hope the right decison is made.....for everyone's sake.

 

12 Comments – Post Your Own

#1) On October 10, 2009 at 5:06 PM, truthisntstupid (81.04) wrote:

I wonder if Calfornians will be in a hurry anytime soon to elect another conservative republican promising tax cuts for rich people?  How's that laugher curve, er, Laffer curve working for you all out there? HAHAHAHAHAHAHAHA

Report this comment
#2) On October 10, 2009 at 5:11 PM, Rasbold (91.83) wrote:

WAR?

 

We can't hadle what we got. American's no longer trust our leaders. Everything they do is now suspect. We aren't going to back them no matter what they do. Time for some self sufficiency. Get out of the cities before it is too late.

There will never be a return to the way it was. It was fun while it lasted. We treated our homes like ATM's, so did I. The world is getting a nasty taste for fiat currencies, and I think their day is  now ended.  A gold standard with very little central government is the only way. It is going to hurt anyway, might as well make it right in the process. The confusion is becoming anger, and a lot of people will suffer.

You don't have to be one of them.

 

Good Luck and May Your Dow Never Jones.

 

Report this comment
#3) On October 10, 2009 at 5:22 PM, alstry (34.92) wrote:

At some point...even Alstrybaters will realize that Benny B lying to them...not only is the recession not over....CONDITIONS ARE GETTING MUCH WORSE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Kentucky...

FRANKFORT - State tax receipts plunged in September and for the first quarter of the fiscal year, making a grim budget outlook even worse.

Georgia....

Georgia tax collections dropped by about 16 percent in September over the same month last year, continuing a trend set in the first two months of the fiscal year, Gov. Sonny Perdue announced Thursday.

Massachusetts

Despite spending reductions and massive tax increases, Massachusetts' state government continues to exceed taxpayers' price range, new revenue data shows, as September receipts crashed $333 million below a year ago, and state officials are warning of spending freezes and reductions just three months into the new fiscal year.

State tax collections fell $243 million below estimates last month, the Patrick administration conceded Friday, meaning that monthly revenues were down 15.9 percent from a year ago, and the first quarter of the fiscal year produced $477 million less than last year's.

Iowa

Six Mid-Iowa legislators were asked for their reactions after the Iowa Revenue Estimating Conference reduced projected income by $414 million Wednesday, prompting Gov. Chet Culver to order a 10-percent, $565 million, across-the-board reduction in state spending on Thursday.

WE KNOW ABOUT NEW YORK and CALIFORNIA....

Nebraska

State tax projections have fallen $93 million below forecasts since then, and state tax revenues for September - which the governor will discuss today - are expected to be $40 million less than projections.

Illinois

The State of Illinois' pile of unpaid bills has grown to a record-breaking $3 billion. Comptroller Dan Hynes said Tuesday it's never before been this bad at this point in any previous fiscal year.

Report this comment
#4) On October 10, 2009 at 5:33 PM, alstry (34.92) wrote:

SOON YOU WILL LEARN OVER LEVERAGING OUR ECONOMY WAS PLANNED ALL ALONG....AND ONLY BANKERS AND THEIR BUDDIES WOULD GET BAILED OUT!!!!!!

Now we find out that indeed (as I have long suspected) the government's insane FHA approvals of patently unsustainable loans was an intentional act:

Barney Frank, the Massachusetts Democrat who is chairman of the House Financial Services Committee, said in an interview that the defaults were, in essence, worth it.

“I don’t think it’s a bad thing that the bad loans occurred,” he said. “It was an effort to keep prices from falling too fast. That’s a policy.”

Got that?  It's a policy to intentionally bankrupt people so as to allow banks who have made bad mortgages a chance to avoid their own bankruptcy.

That is, those who made bad decisions as lenders, you get a pass.  Your pain is passed to consumers by intentionally lowering standards for lending beyond the point of safety, on purpose, knowing full well that this will generate a significant number defaults.

This in turn prevents prices from contracting to where you could afford the house, that is, it causes you to overpay.  This in turn causes you to go bankrupt instead of the bank that made the bad loan to the previous owner.  In addition by preventing the house from contracting in price to it's actual sound value it stops other banks who made bad loans from going bust as well.

You, on the other hand, will get foreclosed upon and possibly forced into bankruptcy, all so that the banks who did evil and unsupportable things don't have to take their medicine.

This is "a policy" according to Barney Frank.  It is, in fact, THE OFFICIAL POLICY OF THE US FEDERAL GOVERNMENT.

http://market-ticker.denninger.net/

NOW THE QUESTION IS DO WE GO TO WAR BEFORE THE CLUELESS ALSTRYBATERS FIND OUT AND LEARN HOW AMERICA WAS BENT OVER BY A FEW CROOKED POLITICIANS AND BANKERS....OR DO WE LEARN THE TRUTH??????????

Report this comment
#5) On October 10, 2009 at 5:47 PM, alstry (34.92) wrote:

WERE THE CITIZENS SACRIFICED SO THE BANKS COULD BE SAVED????????????????????????????????????

Feeling sore yet?

Believe me, they're just getting started.

The Dollar's depreciation is intentional.  If economic activity picks up (it hasn't yet, despite what you're told) this will instantaneously echo into oil prices.  How badly?  The last time the dollar was here oil was at $150 and gas was aiming for $5/gallon.  We're going back there - or higher.  There are people who claim the federal government's official desire is to see the dollar index (/DX) at forty or lower, a devaluation of another fifty percent, and a 2/3rds devaluation from just a few years ago.

This of course will triple the cost of imports from that point of a few years ago.  It will boost the relative wages of those in other nations by 300%, while cutting your relative wages by 2/3rds, again, all referenced to just a few years back.

Can you survive this without becoming destitute?

http://market-ticker.denninger.net/archives/1503-Government-Violates-The-Citizens-Again.html

FROM THE GOVERNMENTS STANDPOINT...CITIZENS ARE ECONOMICALLY A BURDEN OWED OVER $100 TRILLION IN ENTITLEMENTS and generating very little in taxes.  To the bankers, it is unprofitable to loan to citizens too many are defaulting and those that qualify really have little incentive to borrow.

So...from the government's and banker's standpoint....you could say they would be financially better off if we were dead rather than alive..........and could you imagine how mad we might get once we found out???????????????????????????

Pandemic, War, Terrorist Attack.......or will we simply face the truth and collapse econically?????????????????????

Report this comment
#6) On October 10, 2009 at 5:57 PM, truthisntstupid (81.04) wrote:

Wow...maybe if we give everybody who makes over $1,000,000 a year an exemption from paying any tax at all revenues will skyrocket.  Yeah, that'll help. Let's do that.  All that wealth tricking down and all those revenues coming in when we make absolutely positive, beyond any shadow of a doubt, that no poor rich people are paying too much in taxes, why, we'll be on the road to prosperity.  We'll get on the other side of that Laffer curve peak then for sure.  We can use all of our newfound tax revenues to ...uhhh....fix it.

Report this comment
#7) On October 10, 2009 at 6:12 PM, topsecret09 (36.64) wrote:

      Easy credit gone and jobless queues rising in US.Even in the affluent US capital, a city that's been relatively insulated from the worst recession since Great Depression, the beggars are visible. They sleep on the street just a block from the White House and at big intersections they wait for fellow Americans to come to a standstill and spare a dollar or two.

Many carry signs telling their story: laid off, returned Iraq vet, lost the house and the job, got sick and no health care.

A year after the US financial markets went into a tailspin, the US economy is showing tentative signs of a weak recovery but jobless numbers are continuing to rise, though not at the terrifying rate of six months ago, when 600,000 people a month were joining the unemployment lines.

Something else has happened in America as well. The era of easy credit which fuelled two decades of mostly spectacular growth is over, and it's not just on Wall Street.

The American consumer has started saving. Mortgages, personal loans and even credit cards are harder to get, as the official statistics attest. Consumer credit was down 5.2 per cent annualised between April and June.

Revolving credit, which includes credit cards, was down 9 per cent. As a result, the turbo-charged consumer market that has powered the American economy since the 1980s has run out of puff.

These combined factors - and they are related, because people don't spend if they fear for their jobs - are likely to define the trajectory of the US recovery. It will be slow and painful.

The jobless rate rose to 9.7 per cent in August and is expected to peak above 10 per cent in the months ahead. It's already there in at least 15 states and some economists predict it could be five years before the US economy generates enough jobs to overcome those lost and to employ the new workers entering the labour force.

This fear of job losses is likely to keep consumers' wallets in their pockets. Without a return to spending - retail sales make up 70 per cent of the US economy - it seems inevitable that the recovery will be slower than in the past.

So what are the positives?

Retail sales have shown signs of improvement and the Federal Government's stimulus package is working its way into the economy.

Retail sales in August were up 2.7 per cent, the biggest jump since January 2006, mainly due to the runaway success of the Administration's ''cash for clunkers'' scheme which paid people up to $US4500 ($5180) to trade in their old gas guzzlers. Auto sales were up 11.9 per cent in August, a big boost after the car makers saw sales plummet as much as 40 per cent on an annualised basis.

Excluding sales of vehicles, retail sales were up 1.1 per cent, compared with a 0.6 per cent decrease in July, but most analysts are being cautious about popping the champagne corks too early, warning that part of this boost was due to higher petrol prices at convenience stores, preferring to wait to see a stronger spending trend emerge.

In the housing market - the area of the US economy that helped spark the crisis - there are tentative signs of stabilisation, but again they are fragile.

The number of home foreclosures dipped slightly in August from July, but they are still running levels that are 18 per cent above a year ago. In Nevada, the state with the highest foreclosure rate, one in every 62 houses is in foreclosure.

There's also been some positive news on home prices. The Case-Shiller Index has shown increases for May and June after 37 months of decline. The number of home sales has risen too.

'"The only doubts about it are the market is rather abnormal now with all these foreclosure sales," Robert Shiller, who helped develop the index, said.

The huge falls in house prices - in some markets it is as much as 50 per cent - means that many Americans (perhaps as many as one-quarter of those with mortgages) owe more on their homes than they are worth and so their feelings of wealth have been battered.

The slow recovery will be the major political and economic problem facing the Obama Administration in the next two years. The midterm elections for Congress are in November 2010 and the next presidential race gets under way in late 2011, which leaves only a small window for a recovery.

The Administration's ability to stimulate the economy further is also severely curtailed by its huge budget deficits and a Congress that has run out of patience with financial bail-outs. Indeed many Republicans are calling for an early end to the stimulus to tackle the deficit.

"I don't think we are out of the woods yet," the President, Barack Obama, said last week. "We need to be careful about taking the crutches away from the patient too early."

He cited the experience in the Great Depression when fears of inflation prompted policymakers to wind back on job programs too early, prompting another deep recession.

The slow recovery of the US will have implications worldwide. China has grown into a manufacturing behemoth making cheap goods for US consumers, and Australia has sold them the commodities and energy to power their factories.

The pace of a US recovery will affect us all and while so many Americans remain unemployed, those on the street corners begging are a salutary reminder that the future is still uncertain.

Source: The Sydney Morning Herald

Report this comment
#8) On October 10, 2009 at 6:18 PM, IIcx (< 20) wrote:

you're using lots of punctuation again so I'm guessing you're off your meds? But, the title of this blog struck a nerve though foolish.

The decades leading up to WWII were the depression years and Americans "couldn't afford" to get into a war effort.

This isn't the 1930's and we are already at war.

If your point is we are about to run out of the opportunity to be patient and humane, that raises hairs on the back of my neck and may be to close to the truth.

Please, no more Hiroshima moments.

Perhaps the Nobel Peace Prize is an opening for Afghanistan and Pakistan to wake up and address the war mongers hiding in their caves and woods?

Report this comment
#9) On October 10, 2009 at 6:28 PM, IIcx (< 20) wrote:

PS Your points about the USD are silly.

Report this comment
#10) On October 10, 2009 at 6:40 PM, jddubya (35.16) wrote:

".....it really is time for me to take a break for a while....""

LOL... you're such a joker.

Report this comment
#11) On October 10, 2009 at 7:13 PM, cthomas1017 (83.90) wrote:

alstry's word is worthless.  And a man is only as good as his word.  Not even a two bit lawyer.

Report this comment
#12) On October 12, 2009 at 12:52 PM, PdoBear (< 20) wrote:

Alstry Really Signing Off For a While Rember: It's semantics that matter, not credibility.

Report this comment

Featured Broker Partners


Advertisement