BANKS HAVE THE RUNS
OK, we all know about the bank failures, right? Ameribank Inc. recently earned the dubious honor of being the 12th bank to go under this year and some are predicting that as many as 1000 banks might go belly-up before this is all over. The experts all agree: America is in some deep doo doo.
"To support the survivors, they then announce the Resolution Trust Company II bailout, kill all shorting of over 800 financial companies and then spew out money and credit throughout the international banking system in amounts that are nothing short of spectacular, " spat Bob Chapman with disgust. "This is an outrageous, unbelievable, unprecedented consolidation of power, which flies in the face of free markets and paves the way for an ever-burgeoning corporatist, fascist police state."
Sounds like a crisis to me. You?
"This is not a bailout you're seeing; this is a mass raping of the economy," chirped radio talk show host and activist, Alex Jones . "This is done by design and they are moving in army brigades so that when you really find out what's happened and when you riot because they've taken your pension fund and destroyed your future they can use microwave guns and machine guns to gun you down in the street."
And check this out:
The New York Times reported that, "on Sept. 7, 2006, Nouriel Roubini ... stood before an audience of economists at the International Monetary Fund and announced that a crisis was brewing. In the coming months and years, he warned, the United States was likely to face a once-in-a-lifetime housing bust, an oil shock, sharply declining consumer confidence and, ultimately, a deep recession. He laid out a bleak sequence of events: homeowners defaulting on mortgages, trillions of dollars of mortgage-backed securities unraveling worldwide and the global financial system shuddering to a halt. These developments, he went on, could cripple or destroy hedge funds, investment banks and other major financial institutions like Fannie Mae and Freddie Mac."
Now this was in 2006, mind you. Just like he had a crystal ball.
Geez. It's sounding more and more like a pre-planned financial fiasco all the time.
And I'm not the only one who thinks so.
In an oh-so-crude-but-appropriate metaphor, you know how you can keep running to the ... uh ... facilities and ... um ... nothing useful comes out?
After several day's worth of wild market fluctuations, Robert Higgs of The Independent Institute somberly warns, "Exactly what the government will do remains to be determined. Officials from the Treasury and the Fed and members of Congress intend to spend the weekend hammering out the details. Be afraid, be very afraid."