“We’re going to have riots. There are already people rioting because they’re losing their jobs when everybody else is being bailed out. The fairness of it becomes more and more evident as we go along.
"The auto companies may be hurting, but there are very few companies that aren’t hurting and they’re going to hurt. We don’t have enough money to bail everyone out.
“If you look at where we’re going, we’re not on a sustainable course as a country”
- Sen. Jim DeMint, R-S.C., accidentally telling the truth, December 11, 2008
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47 comments:
Ruh-Roh is right, Scooby Doo.
Find a bunker and hunker down.
Or grab a pitchfork and join in.
Either way, it's not gonna be pretty.
“If you look at where we’re going, we’re not on a sustainable course as a country,” DeMint said. “Frankly, GM is in a better financial situation than we are as a country. The only difference is we can print money. But as other countries around the world lose confidence in the value of a dollar – that’s going to come home very shortly.”
hmmmm, this all sounds oddly familiar.
Keith- how 'bout a walk down memory lane w/ a RP clip?
The main reason for the 'struggle' against Islamo extremists
Is the moral support they get from Europe.
Well said!
GM's anthem
i'm not seeing the passion in this blogo mess that you had with palin am i missing something do you have another blog it might be on that's it i knew you did a blog devoted to governor corruption you know the kind of important stuff like ex brothers in law behaving poorly especially exposing it around election time so us voters can be well informed prior to making a big decision about who is going to be the president i mean the vice president and have you noticed biden anywhere must be with the current veep having a laugh on us but i do worry about my granddaughter (11) and what we as a collective nation are doing to this future generation but the sit com is starting soon so i will see you later keith
I'm off to get a loan modifiaction boys.I bought in 2005 for 487k.My house is only worth 289k now but they are going to forgive my principal loss and base my loan on current home values.Also my interest rate is droping from 10.5 to 4.5.I think I can afford the house now.I took out a bunch of equity in late 2005 so I could take a year off and buy some new quads and a new car.Oh by the way how is renting working out for you tools?????????
Riots in America: A concept whose time has come.
Get Ready.
Happy Depression from George Bushco and Dick Cheneyburton your fearless/feared 'Leaders"...
PUNISH THE GUILTY. (see above)
The point is that everyone but your 5M (pre-recession net worth) is F*d whether there is a bail out or not. The level at which this propagated is of non-recoverable proportions in the sense of a near term fix. We are in a catch 22 that if we bail out the behemoths of our economy, we prolong the pain and bleed out over the longer term. If we allow them all to fail it's like a gun shot to the head. All things being equal, Washington is choosing to slow bleed the taxpayer rather than cannibalize their own (exec mngmt, etc.)
hoo, hoo, hoo! Merry Christmas!
On a related note:
NEW YORK (AP) -- A former Nasdaq stock market chairman was arrested on a securities fraud charge Thursday, accused of running a phony investment business that amounted to what prosecutors called a "giant Ponzi scheme."
Oh, the unintentional irony of that statement.
When things start going from bad to worse here in the very near future, Americans need to keep in mind who orchestrated this whole mess.
Take a page from the folks in Greece and Spain, they're targeting BANKS and CONSULATES.
This is where the blame lies here in the States as well folks.... With the Gov, and the "bankers" that con-trol them.
If during these riots we were to start cracking their skulls open with aluminum baseball bats, and lynching them from the nearest lamp posts as they left their offices, it would be poetic justice. And make no mistake my fellow Americans, this is the ONLY way justice will be served to these people. We will have to bring justice to them, not the other way around.
yup, someone with some good business sense might make a few bucks if he got into prepackaged pitchfork/tar/feather kits as well.
dow 5000, possibly tomorrow...
when i was going thru my worst financial crisis i got no sympathy and no one gave a damn. no one gave me a bail out (although my family did help)no one cared if i had a job, they blamed me for my reversal of fortune and was eventually forced into bankruptcy. bet there are alot of people who have had something as terrible as this happen to them and there was no bail out and so that is why probably so many people don't agree with it. have you ever bought a car and had to be conned by a car salesman into buying a car and when you get the contract there are so many extra charges (that go with the car, like a security system that is already on the car and you can't take it off)it is the cost of another used car alot of those people are angry too. they ought to file bankruptcy like i had to do and take the blame for being lousy businessmen like they said i was but i think deadbeat was the accurate word and learn from their mistakes like i had to. absolutely no sympathy here if it were me to vote on the bailout there would be none just like i didn't get one.
To paraphrase Shakespeare: "The first thing we do, let's burn all the Hummers!"
Awsome. Power of suggestion, eh?
My gracious. I've been wondering when I'd read something like that. The truth hurts I guess. It really isn't sustainable.
A friend of mine, who's financially hurting in a bad way, locked and load on me philosophically about where all this is going and I must say despite hearing my "end of the spectrum," He told me the funny thing is, he "still believes he wants to be part of the solution." In other words, it will all boil down to the fact that he still has a heartbeat and as long as he does he's going to continue trying to do all he can to make the world a better place for his kids.
He asked me, "what would you say if the President-Elect were here in my living room and asked what you would do, what would you say?"
All I could come up with was "a world bankruptsy court" we could declare Chapter 11 in." Luckily, he liked the idea.
As much as I hate to think about it, there will always be a lot of people who can make a fire in the rain, and will want to be helpful.
FYI, I offered to let him move into my house until he got back on his feet and he all he said was, "thanks." I told him, "you can be security when I rent the place to someone for the inaugeration/march on Washington."
I guess the point is that it's not very satisfying watching everything we've talked about on this blog coming true before our very eyes.
It's facinatingly depressing.
O.J. goes to prison, but Angello Mozillo is still free?
Both are pricks, both are guillty, but who goes to jail?
We are so screwed. So screwed.
We can't focus on catching the many dangerous criminals and cheats because most Americans have their heads firmly up their a$$!
So screwed!
The biggest irony is that O.J. will probably eat better in prison than most of the people who are losing their jobs because of the criminals running loose on Wall St. and among the housing/realtor crowd.
So screwed!
He's right unfortunately.
Even now, as millions of people have lost their jobs, the wealthy crooks are still being bailed-out.
It's going to get really ugly out there if these continual bail-outs kept being made for the preferred few.
keith really what are you going to do if your change darling is implicated with blogo how will you continue with a straight sock puppet you spent almost half your life pushing for this democrat con artist and now look at what you get when you wish upon a star you get a midnight pumpkin and imagine if this was palin what you would be saying and all she did was give birth to down child but the show is about to start and if europe is so dangerous I have an extra apartment here in the bronx if you like so take care
Nice!
We're going to have riots whether they bail them out or not.
But by all means, let's test that postulate...
"Bipartisan talks in the Senate on an auto industry bailout have collapsed, and the bill appears dead, sources tell CNN."
Hang on to your hats boys and girls.
Where do we go from here?
MSNBC - Reid called the bill's collapse "a loss for the country," adding "I dread looking at Wall Street tomorrow. It's not going to be a pleasant sight."
"Game over man."
You know Keith? at first i did not believe some of the comments about depression and riots but seems that every other day some fatcat gets bailed out and the citizens just get layed off so i guess some thing could trigger these riots that the senator is talking about.
And that has me concerned,i hope it does not come to that.
thank you for enlighten us with your blog.
Rob
Hey, it didn't pass. Now you will get your riots.
Hallelujah!! Kids, fetch me my rioting torch and my Glock!! We've got some bankers and politicians to slaughter!!! Yeeehaaaw!
This is going to be glorious. And it couldn't happen to a better group of apathetic pieces of shit. It's going to come as quite a shock when that first city block is reduced to "soot and ashes" . . .
Not sure why you added "accidentally" to that statement. AFAIK Sen. DeMint has been pretty solidly against the bailout shenanigans from the start.
We have the money.
It's called gold.
1. Revalue Gold to an astronomical amount. ($100k minimum per oz)
2. Confiscate gold and issue "debt certificates" and "home purchase certificates" at full revalued value. Issue "cash" at same value for those that don't need a house but tax it at 50% because they are just going to buy crap from China.
The problem with the way that they confiscated gold in the 30's is that they revalued it "after" confiscation. If they revalued it beforehand, more money would have been put into the hands of the consumer to help "stimulate" the economy.
It's all a numbers game. But if they revalued it high enough, they could keep the party going for another 50 years while we figure out a more sustainable way of living.
People's "liquid" net worth would increase as would the governments and central banks. However, if the people's net worth increased, they would be able to pay off their debts without as much "help" from the government.
This wouldn't create "hyperinflation" as most would just be used to fill the black hole of debt that supports the global derivatives market and sop up excess housing inventory.
Just my 2c
Not sure if it could work and I'm sure that there would be unintended consequences.
unsustainable is right
White people dont riot in America. Black people just got elected to the WH (they guy handing out the bailout checks starting next month!)
We will not have riots.
Amazing as it is, the big three were s.o.l. for bailouts today @ a measely couple-of billion, while financial interests have been getting trillions.
The seething nature and the thin veneer of humanity is un-leashed in Europe and the spontaneous nature of it, meaning, no organized leadership or political under-current sweeping these events into place.
Though the reaction of the 15 yro death by the police could be rationalized to some extent, there seems to be the another elemental nature to what is happening. I think, it is just plain unhappiness in these people, they think they have no place in the world and their lives are wasted.
I don't think you can change human nature enough in this modern world of masses of people wanting all the things that we are subject to in the instictive manner of which we have been adherent in for hundreds of thousands of years.
Point being, yes, the USA could have these problems if the economy turns against the people whom have lots and lots of energy all stored-up for the trigger event. What that is, I don't know, but the think-tanks are working on-it, of that, I'm sure of.
But, I don't think they can prevent it from happening, anymore than they can keep the sun from coming-up tomorrow. The people that actually think they can control things, inadverently make it happen, by inverse proportion, and nature absolutely must balance itself.
So, I guess the big question is(!) when to run and when to not! I'm sure the police know when the odds are against them, they know they are the minority in this situation. If the average gun loving american gets really pissed, it may be a good thing to stay away from the conflict, but that may not be a choice.
Marlon Brando in a Playboy interview said, "the difference in modern times and the ancient times was, that back then, you could run like hell from the violent"........
..........today, I'm afraid, you can't.
Just stopping by the new digs to say hi. Like the new site. Thanks for replaying the Peter Schiff compilation. An amazing cast of fools who sneered derisively at his spot on predictions. Are any of those morons still allowed to show their faces on TV?
Do the math...
Bernard Madoff arrested over alleged $50 billion fraud
U.S. prosecutors charged Madoff, 70, with a single count of securities fraud. They said he faces up to 20 years in prison and a fine of up to $5 million.
A fool Anon said...
White people dont riot in America. Black people just got elected to the WH (they guy handing out the bailout checks starting next month!)
We will not have riots.
----------------------------------------------------------------------
Just like home values never go down right?
Whites will riot the worse because for the first in a generation they have lost something sacred...Entitlement.
Remember the only color Greenspann and his boys cared about was green.
On another note, my wife told me she saw a middle class white man working at McDonalds today in Orange County California, and he wasn't the manager.
I get the feeling that Whites will start to harbor even more resentment towards Hispanics when they start competing for minimum wage jobs here in Cali. The sh*t is soon to hit the fan folks.
Ask Arnold!
RayNLA
GWK -- be like a woman and GET A PERIOD!
KnowhatI'msayin'? If you can't afford any, cut 'n' paste some of mine!
...............................................................................................................................................................................
It's facinatingly depressing.
That about sums it up. The doomers are having their day, and having watched it all unfold as foretold, I get no satisfaction at all. Just an empty feeling that grows as I hear family and friends talk about the problems they are facing with diminishing hope for the future.
Hey thats my Honda CRV that some UAW set on fire. God that vehicle runs great, not like my MIL crappy Ford focus that was a POS when she drove it of the lot.
Your S&A/HP chant of the day 12/12:
Circuit Breaker!
Circuit Breaker!
Circuit Breaker!
For starters, a note to Go ahead and rent:
Well, I can walk away from my condo and not have shafted anyone, nor had to admit that I was feeling greedy, over entitled, and larcenous when I signed on the dotted line, since it was just a lease, now month to month.
It's true I don't "own" my own house.And I would like that, in the classic sense. But does that mean I'm some kind of scum as writer's like you seem to imply? No, I'm just not well off financially, but I pay my way. I do know how to stretch money, and I try to spend it effectively. I don't buy anything I don't need probably 97% of the time. I am self disciplined I guess you might say. I will do as well as anyone during the Depression that's beginning, and might be able to be helpful as I know how to stretch what I have, in all areas, and substitute inexpensively for necessities.
If it's true you've refinanced, it sounds like your payments are still fairly high. If you were to become unemployed, unemployment might not be there, and certainly won't cover
your payments.Any savings will go fast. Nineteen states are in dire straits re unemployment funds. That will surely go up.
I read an article yesterday that said car manufacturers are in 22 states,widely scattered by brand.
That is not a comforting statistic. I'm sure everyone is thinking Michigan, Indiana, Tennessee and a few other states. Even the author of the article was surprised at the number. NOW we'll see a real "trickle down" effect.
Grandma PKK
Gutless honica is just drooling.
"...it's not very satisfying watching everything we've talked about on this blog coming true..."
There is a certain poetry seeing all the SNEERING, CONTEMPTUOUS LIARS go autistic as they realize that THEY are now traitorous Un-Americans for acknowledging what is going on.
First, they ridiculed.
Then, they got nasty.
Now, they claim they knew it all along.
Hey Go Ahead and Rent
Hope you got the cash to pony up to the IRS next April 15 for their cut of you loan forgiveness. Remember they got you Soc Sec #. And they take cash only.
Also good luck when the CC companies pull you CC cards or raise your rate to 35.99%
Cash is King
Don't look for home appreciation to save your ass. Looks like home prices are going down another 10-20% according to the talking heads
"white people don't riot"
oh really?
research "Reign of Terror."
our riots are massive and ugly w/ liberal use of the guillotine. it's just that we only riot when it's necessary... none of this mamby-pamby rock throwing like the north Africans in France or the lollygagging low body count in LA after the Rodney King acquittal.
If there's anything people learn from all this carnage is that painfull change will be required in order to get this country moving again in the right direction.
If riots happen, it's because people are finally fed-up with losing their livelyhoods while others in this economy still prosper - true crimes against humanity.
More public service positions are now on the chopping block as well - which is actually a good thing since there is so much continual waste and fraud in this area.
The "BIG 3" will be no more and are destined to fail - their business model is no longer viable,
and so they will fail anyways.
If H. Paulson still intends to throw the remaining 350bil of tax-payer dollars at failing institutions in order to save the very ones who were responsible for this mess we are in, get prepared for some really, really dark times.
The old formula of robbing the workers to pay the wealthy crooks is come to a bitter end.
It will begin in Mexifornia. The new world orders stonghold in America. Or maybe not? Our new clown I meean pres will pay Mexifornias 1 billion a month givaway to the illegals in order to promaote the new world order.
Well done Keith!
You're scaring the sh*t out of ole Keyer Soze...
I still like watching scary movies at my age!
This is sort of like 'No Country For Old Men' with Anton Segur(Javier Bardem) stalking each and every one of us!!!!
As long as politicians get wacked, then I say "BRING IT ON!!!"
You are absolutely correct.
It's smaller businesses that make
up the bulk of our GDP - not these
large rotting companies which will fail anyways.
No bail-out will fix the problem we are in now, we've way over-extended ourselves with borrowed money.
This problem has really just started though, since we have over a Trillion dollars of bad derivatives to work through.
It's interesting to me that the Bush admin. is considering tapping the remaining $350bil which was reserved to buy up failing housing assets.
Just business as usual by an administration that doesn't give a damn what happens to working class citizens, and only for the interests of their own pocket books.
Anonymous said...
when i was going thru my worst financial crisis i got no sympathy and no one gave a damn. no one gave me a bail out (although my family did help)no one cared if i had a job, they blamed me for my reversal of fortune and was eventually forced into bankruptcy. bet there are alot of people who have had something as terrible as this happen to them and there was no bail out and so that is why probably so many people don't agree with it. have you ever bought a car and had to be conned by a car salesman into buying a car and when you get the contract there are so many extra charges (that go with the car, like a security system that is already on the car and you can't take it off)it is the cost of another used car alot of those people are angry too. they ought to file bankruptcy like i had to do and take the blame for being lousy businessmen like they said i was but i think deadbeat was the accurate word and learn from their mistakes like i had to. absolutely no sympathy here if it were me to vote on the bailout there would be none just like i didn't get one.
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