Comments on: Banks Could Put an End to the American Dream

By: Terry

Terry — Sun, 20 Jul 2008 10:02:36 +0000

Looks bad politically and economically for China, too -

http://www.globalsecuritieswatch.org/PRC_Sovereign_Risk_Review.pdf

By: GaryB

GaryB — Fri, 18 Jul 2008 23:57:51 +0000

Coffee Addict. Reluctant to take on a wide-eyed and addled victim of the demon bean, but I reckon Wall St should suffer the same fate as the Vegas gambler at the wrong end of a losing streak. Suffer the consequences - if you're cleaned out, you're cleaned out.

By: AnderslaM

AnderslaM — Thu, 17 Jul 2008 00:57:05 +0000

Now... where did I put that rope?

By: Coffee Addict

Coffee Addict — Thu, 17 Jul 2008 00:43:37 +0000

GaryB I like your analogy about Vegas. Good one! Perhaps Howard once did his own arse at the Vegas tables given his dislike for the place.

Howard does make some valid points though. The Fannie // Freddie bailout means significantly more inflation but it avoids (for now) riots on the street, a bond market collapse and an Asian bank run on the dollar.

All those (previously dormant) dollars are now being applied to the purchase of assets in places like Vegas - propping up asset values for now and (yes) further increasing inflation.

The Fed is counting on booming exports and the figures are showing a significantly reduced trading deficit- we'll have to wait and see. They are also probably counting on a $120 floor on the price of oil.

Back to the GSEs. Freddie and Fannie share holders, in my view, hold no equitable rights to the businesses. The shares should be transferred to a taxpayer trust.

By: Louis Romo

Louis Romo — Wed, 16 Jul 2008 23:18:06 +0000

The collapse of American economy is part of the coming United States Of North American which will require a new monetary system...As part of the globalization, the north american union composed of CANADA, MEXICO, AND UNITED STATES will then interlock with the other regions such as the United states of Europe...all together will be a one world monetary system with a computer chip imbedded in evey human being in order to buy, sell, or conduct any business..We are at the end of an age which was predicted by the ancient Israelite prophets and hundreds of prophecies have been fulfilled since 1948 when Israel returned as a nation...because Israel has never been accepted into the world community of nations due to arab pressure, most of mankind must now perish as punishment, just as the first generation of jews that came out of Egypt perished in the desert for having disbelieved God...they wandered in the desert 40 years. today, it is slightly over 40 years since Jerusalem returned to Jewish hands and the world accepted them not and the foolish jews retuned the holy temple mount back to islam and thus set themselves up for a 40 year punishment period for disbelief. NOW it is the time for all mankind to suffer...a full year shall not pass without a nuclear war, massive starvation and total economic collapse...

By: GaryB

GaryB — Wed, 16 Jul 2008 23:02:15 +0000

Why pick on Vegas for your blitzkrieg? Why not Wall St? At least the Vegas gamblers are honest - they don't manipulate the odds, the Casinos don't fiddle the rules of play to keep them in the game, Vegas gamblers don't line up at a free money window if they do their arses, and they don't have stooges go on Nightly Business Report or CNBC to whinge on their behalf when things turn sour.

By: George Washington

George Washington — Wed, 16 Jul 2008 20:13:47 +0000

Thank you Woodrow Wilson for selling out your country. George Bush is only the last tool piece that was used to finalize the fraud and scam of the Federal Reserve System and the Internal Revenue Service to undermine and destroy America.

Good Night All. And RIP America.

By: Davey

Davey — Wed, 16 Jul 2008 18:36:37 +0000

I write better than most. Really like your style, snappy without the silly impulse to show us all how clever you are. And, of course, your particular message is succinct, to the point. Good article.

By: Thomas Tupper

Thomas Tupper — Wed, 16 Jul 2008 15:18:39 +0000

James I think you ignore how crises can re-shape and re-focus a people. You summarize the whole of America as belonging to one of two groups: those "unspooling on the Hamptons lawns" and the rest, who are "plying the aisles of BJs Discount Warehouse for next week’s supply of mesquite-and-guacamole flavored Doritos, or having flames and chains tattooed on their necks, or lost in a haze of valium and methedrine" Is it possible to conceive of a more balanced and less extreme way to characterize an entire nation and an entire people? You seem to operate under the impression that America's sole contribution to the world has been consumption and an endless barage of fast food restaurants. But any truthful analysis would not be so cavalier. Is this the death of the 'American Dream'? Hardly. What you define as the 'American Dream' is a something for nothing story - the dream of becoming fantastically successful and fabulously wealthy simply by being as fat, lazy, and undisciplined as possible. That is not the American Dream I grew up learning about. The American Dream I know about is one where, given a reasonably level playing field, someone willing to work hard could make something of themselves. It's the dream of basically uneducated bicycle repairmen who believe they can do something that has been thought impossible, and who believe they can literally makes their dreams take flight. It is the dream of an inventor in a garage in silicon valley who believes they can start a corporate empire from a humble, grimy workbench. Its the dream of countless immigrants who believe that they can go from arriving on our shores with literally nothing in their pockets to owning and running their own businesses, and who do exactly that. This is the American Dream: that if you work hard and you try, you just might be able to change your world, and maybe even THE world. And, many times over, America and countless individual Americans have proven it to be exactly so. You do all of these people, all of their dreams, and all of their achievements a disservice when you characterize them as you have. America survived the great depression, and the substance of the American Dream survived too: that despite obstacles, despite setbacks, and despite difficulty... the biggest determinant of our ability to succeed is the quality of our characters, the earnestness of our labor, the quality of our beliefs, and the size of our dreams. Americans have done great things because we have dared to believe in our ability to accomplish those things. You disgrace those efforts and you trivialize the whole of a nation as if we were all, every American, sitting on the edge of our seats waiting for the next brand of snack chip. A sad commentary, but most pointedly one about your own attitudes and beliefs.