fashion street blogger
fashion street blogger
Last Bank Standing The Wall Street Mega-Crash
Dateline Washington, October 19 (see?) 2010: the Peoples Bank and Trust The United States has established itself as the only bank of any kind in the USA, totally owned and managed by the U.S. House of Representatives.
A Most 2 / 3 now has to approve all investment banking transactions, the representative of the district staff reviews individual mortgage applications, and all 401 (k), IRA, and the remaining employer pension assets have been incorporated into the Social Security Slush Fund.
Only elected officials federal and state agencies are exempt from the 45% income tax use. The estimated time to bring new companies public is 4.5 years, all individual account dividends and interest are paid directly into your IRS "grabber" account; CEO salaries is limited to 50% of the amount paid to a freshman congressman, and any deficit government budget are removed from the company's earnings before any corporate obligations can be treated.
All employees receive minimum wage federal mandate, with the exception of senior executives who are limited as mentioned above. Fear? This is a scenario that could play if Congress (or SEC) comes to rescue the credit markets. You missed your chance to help stop, but it is likely that a solution is on its way.
How many more jobs business, and expected to be killed by this irresponsible Congress? When the average blogger realize that when a company fails, all suffer? One might think that the informed and intelligent could take time out of your text messages for a bit of research and education. Instead, show your power to influence public opinion numbers and the marshmallow politicians who worship them.
As economist Irwin Kellner and I said, this is not a bailout and we are not nearly approaching a recession. Kellner's September 28th Market Watch article points out ten major differences between then and now: (1) In 1929, the Dow Jones fell 40% in two months, compared with around 30% in one year.
(2) In 1933, the unemployment rate was 33% versus 6% today. (3) The GDP shrank 25% then, but has increased 6% now. (4) Consumer prices decreased by 30% then, but not since. (5) home prices fell 30% then, but only 16% from recent highs bubbly.
(6) 40% of all mortgages were in arrears then compared to only 4% current. (7) 9,000 banks failed in the 1930 compared to only 25 or less (larger and broader based) recently. (8) The Federal Reserve reduced the money supply, (9) raised interest rates, and (10) raised taxes on foreign imports.
In addition, Kellner said, now have automatic stabilizers, deposit insurance, market and trade restrictions as protective elements. Congress today however, has never been good at connecting points, has accomplished nothing under an unpopular president, and ignores its role as the main creative force of today's problems.
This transfusion is needed because: bad laws have obscured the financial assets in the balance sheet of the institution, and created a blood clot in the arteries credit to keep alive the economy.
Educate them in the accounting standard requiring institutions to book paying assets pennies dollar. Find out why institutions are afraid to lend money to each other --- during the night, at any rate --- strangling the credit markets.
Doing nothing is killing jobs, killing companies, and deferring retirements for those who had 401 (k) and IRA dollars to provide them with income. Congress, of course, has a pension plan to the former, so is unaffected by such financial realities.
Investigate the relaxation of lending rules that Congress organized by past administrations, before blaming the companies that then extended credit to speculators and many other buyers who falsified application documents. Learn how the SEC was prohibited from regulating the CDOs and other multiple leveraged credit market speculations. There are many culprits outside the corporate executive suite as the same.
Congress is full of pride in bringing some of the rich and famous to his knees, and limiting some their obscene compensation arrangements still shareholder pillaging levels. I have spoken often about how these salaries should be controlled. But the plans of various levels of the marketing of mortgage-that Congress should be encouraged unbundled somehow, and buy is the right vehicle.
Congress has punished the entire world his attack on Wall Street, and both sides are to blame. Representatives of the states listed below voted "no" to the credit transfusion, causing death and destruction that in many cases can not be recovered. We have to replace them with better decision makers, representatives who can think in economic terms when they have to.
The number and letter code of the state name indicates the number of representatives and their party: AL-1R, AK-1R, AZ-4D4R, CA-15D9R, CO-2D2R, CT-1D, FL-1D13R, GA-4D7R, HI-2D, ID-1R, IL-4D5R IN 3D3R, 1D2R IA-KS-1D2R, KY-2D2R, LA 2D3R, ME-1D, MD-2D1R, 3D MA, MI-3D6R, 2D2R MN, MS-3D MO-2D3R, MT-1R, NE-3R, NV-1D1R, NH-2D, NJ-3D4R, NM-1D1R, NY-3D1R, NC-3D5R, OH-3D7R, OK-3R, or 3D-, PA- 3D7R, SC-1R, SD-1D, TN-1D4R, TX-8D14R, UT-1D1R, VT-1D, VA-1D5R, WA-1D3R, WV-1R, WI-1D2R (names withheld, but available from the author.)
On Friday evening, candidates Obama and McCain gave their support to the infusion of capital, but did not bother to explain why --- a huge audience was ready to absorb information. Over the weekend, attended meetings to support and generate the support plan of their respective parties.
Is there enough time to find a hero?
About the Author
Steve Selengut
Sanco Services
Kiawa Golf Investment Seminars
Author: "The Brainwashing of the American Investor: The Book that Wall Street Does Not Want YOU to Read" and "A Millionaire's Secret Investment Strategy".
Interview with street fashion blogger Kira @ Kirafashion
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