EPTOccupy Wall Street - Page 29
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Rick Roy
United States59 Posts
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BioNova
United States598 Posts
Edit: Even Bernacke knows. In two hours before Congress' Joint Economic Committee, Bernanke painted a gloomy picture of the economic recovery, describing it as "close to faltering." He predicted there would be no quick pickup in new jobs and again urged lawmakers to come up with a credible plan to deal with federal deficits. Source | ||
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Bosu
United States3247 Posts
On October 06 2011 00:19 Rick Roy wrote: I can't wait for re-election. You think things are going to change after the next election? | ||
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BlackFlag
499 Posts
On October 05 2011 16:03 Arlon wrote: The whole idea of this is just retarded. A bunch of stinky hippies in wall street is not going to change anything, and the demands they are making are just idiotic. if these kids wanted anything to change they need to get more money than the people they are against, that's just how this kind of thing works. This response, and people wonder why they are demonstrating? In a few months/ maybe a year, things will start to get militant. You don't really need money to change things, you only need the power of violence (which in our society is normally achieved through monetary means, not protest). | ||
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Bitters
Canada303 Posts
On October 06 2011 00:22 BioNova wrote: The meltdown, has not been avoided, just put off a few more minutes. Wait for it...wait...ohhh, almost. Edit: Even Bernacke knows. In two hours before Congress' Joint Economic Committee, Bernanke painted a gloomy picture of the economic recovery, describing it as "close to faltering." He predicted there would be no quick pickup in new jobs and again urged lawmakers to come up with a credible plan to deal with federal deficits. Source when i say meltdown, i don't mean a recession. i mean a depression. if the banking and financial institutions were allowed to fail, then deposits would no longer have been guaranteed, you have runs on banks. having no credit system or momentum of money would put America back into the Great Depression. | ||
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BioNova
United States598 Posts
Basically, why run to the bank to withdraw a currency that has no value anyway. The following are 14 facts that just might scare the living daylights out of you.... #1 On Monday, the Dow was down 258 points. Lately it seems as though the Dow has been going up or down by several hundred points almost every single day, and that much volatility is not a good sign for the health of the financial system. #2 Shares of Wall Street banking giant Morgan Stanley fell by another 8 percent on Monday. Overall, shares of Morgan Stanley have declined by more than 50 percent since February. #3 Bank of America stock dropped down to $5.53 a share on Monday. Just a few years ago, it was trading for more than $50 a share. #4 There are reports that Goldman Sachs may actually show a loss for the third quarter of 2011 and that yearly bonuses for employees may be slashed to next to nothing. Yes, not too many people are going to have sympathy for Goldman Sachs, but this just shows how bad things are getting out there for the big Wall Street banks. #5 Normally Goldman Sachs is quite upbeat, but lately they have been coming out with some really frightening reports. For example, a new report from Goldman Sachs declares that there is a 40 percent chance that we are entering a "Great Stagnation". #6 Shares of European banking giant Dexia plunged by about 10 percent on Monday on rumors that it will soon need a significant bailout. The stocks of major banks all across Europe have been getting absolutely hammered for weeks. #7 Shares of American Airlines fell by 33 percent on Monday on rumors that the airline is about to enter bankruptcy. Amazingly, trading in the stock was stopped 7 different times on Monday. #8 It is being reported that approximately 240 pilots for American Airlines have retired in the last two months alone. All of those pilots are retiring so that they can shield their pensions from the upcoming bankruptcy filing. #9 Nearly the entire airline industry got hit really hard on Monday. Shares of United Continental, U.S. Airways and Delta were all down more than 10 percent. #10 Overall, U.S. stocks fell by 14 percent during the third quarter of 2011, and now the fourth quarter is off to a very rocky start. #11 The incoming head of the European Central Bank, Mario Draghi, has publicly admitted that major European banks are having "funding problems". Just like back in 2008, we are rapidly heading for a giant "credit crunch". #12 A shocking new Bloomberg survey has found that approximately one out of every three international investors expects a "global economic meltdown" within the next 12 months, and 70 percent of them believe that the global economy is "deteriorating". Perhaps they have been reading The Economic Collapse Blog too much. #13 Financial markets in Europe were rocked on Monday when it was revealed that Greece is not going to hit the deficit reduction targets set for it either this year or next year despite all of the severe austerity measures that have already been implemented. Needless to say, a lot of financial authorities in Europe were very displeased by this news. #14 German Finance Minister Wolfgang Schaeuble is publicly declaring that Germany will not contribute any more money to the European bailout fund. Source | ||
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BlackFlag
499 Posts
On October 06 2011 00:41 BioNova wrote: The Great Depression is most likely going to seem like a warm dream compared to this simply because this is a purely fiat currency, and it won't matter how much you have when it goes full tilt, as opposed to the currency in the 20's which was still worth something. Pretty sure it was '33 when the U.S snagged everyones gold. What are they gonna take this time, my sister? Basically, why run to the bank to withdraw a currency that has no value anyway. After the first and second world war (and inbetween) in Austria cigarettes were the common currency because the real one had absolutly no value because of the hyper inflation. | ||
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Bitters
Canada303 Posts
Fiat money isn't a bad thing. Generally, it will only got to trash when the government stops backing it as legal tender, which I don't see happening soon. Or in a period of HYPER inflation, which we still haven't seen in the US this century (and never with the American Dollar). | ||
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Bitters
Canada303 Posts
stocks are always volatile, the dow isn't down that much in the long term, we just came off a few years high (this july was highest since mid '08). i'm looking at my DJIA chart right now and its always been this rocky. boa got nailed by the 08 crisis, so of course they were trading high BEFORE that, and lower now. economy is hurting now, and you are supposed to be scared that an airline is in trouble? people don't fly as much in times like this. people buy into scare tactics too easily. | ||
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BioNova
United States598 Posts
On October 06 2011 00:51 Bitters wrote: Not 33, Nixon ended the gold conversion in 71. Fiat money isn't a bad thing. Generally, it will only got to trash when the government stops backing it as legal tender, which I don't see happening soon. Or in a period of HYPER inflation, which we still haven't seen in the US this century (and never with the American Dollar). It was 1933. Executive Order 6102 required U.S. citizens to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve, in exchange for $20.67 per troy ounce. Under the Trading With the Enemy Act of October 6, 1917, as amended on March 9, 1933, violation of the order was punishable by fine up to $10,000 ($167,700 if adjusted for inflation as of 2010) or up to ten years in prison, or both. Most citizens who owned large amounts of gold had it transferred to countries such as Switzerland.[citation needed] Order 6102 specifically exempted "customary use in industry, profession or art"—a provision that covered artists, jewelers, dentists, and sign makers among others. The order further permitted any person to own up to $100 in gold coins ($1,677 if adjusted for inflation as of 2010; a face value equivalent to 5 troy ounces (160 g) of Gold valued at about $7800 as of 2011). The same paragraph also exempted "gold coins having recognized special value to collectors of rare and unusual coins." This protected gold coin collections from legal seizure and likely melting. The price of gold from the Treasury for international transactions was thereafter raised to $35 an ounce ($587 in 2010 dollars). The resulting profit that the government realized funded the Exchange Stabilization Fund established by the Gold Reserve Act in 1934. The regulations prescribed within Executive Order 6102 were modified by Executive Order 6111 of April 20, 1933, both of which were ultimately revoked and superseded by Executive Orders 6260 and 6261 of August 28 and 29, 1933, respectively.[3] Source Focusing on any one event is like tunnel vision, that said. The Occupy Wall Street crowd only seems to have one thing i would support offhand. That is their good intentions, and i respect that they care enough to be heard. I know we're in deep doo-doo | ||
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sick_transit
United States195 Posts
http://www.wallstwtf.com | ||
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Bitters
Canada303 Posts
Source; http://en.wikipedia.org/wiki/Fiat_money I'm talking about the ending of the gold standard (when dollars were still backed by the value of gold). The more I look at it, I think we are just talking about different things. | ||
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-Archangel-
Croatia7457 Posts
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BioNova
United States598 Posts
On October 06 2011 01:08 Bitters wrote: "The Nixon Shock of 1971 ended the direct convertibility of the United States dollar to gold. Since then all reserve currencies have been fiat currencies, including the dollar and the euro.[3]" Source; http://en.wikipedia.org/wiki/Fiat_money I'm talking about the ending of the gold standard (when dollars were still backed by the value of gold). The more I look at it, I think we are just talking about different things. Naw, your fine. I was just making clear about 'my sister' joke. I know what you mean, and i follow you. America would not be what it is today without a fiat currency and a central bank. The Federal Reserve allows spending that without, there would probably be no income tax, no social security, or social security tax, all manner of federal welfare. We would not have 900 bases worldwide. One could argue the morality of that all day. A core issue to me is that the Federal Reserve is a private entity. Congress would be, or is, depending on how you look at it, completely at fault. It is not their responsibility anymore, as they have delegated it away, control of the US Money supply, to a private bank. Treasonous? IDK | ||
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Kaitlin
United States2958 Posts
On October 06 2011 00:31 BlackFlag wrote: This response, and people wonder why they are demonstrating? In a few months/ maybe a year, things will start to get militant. You don't really need money to change things, you only need the power of violence (which in our society is normally achieved through monetary means, not protest). So, the gun-control, peace-loving hippie types are going to get violent ? That will be interesting to watch. Also, why are they repeating everything that guy says in the video above ? | ||
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BioNova
United States598 Posts
On October 06 2011 01:27 Kaitlin wrote: So, the gun-control, peace-loving hippie types are going to get violent ? That will be interesting to watch. Also, why are they repeating everything that guy says in the video above ? They will arrest you for a bullhorn  Edit: That's funny to me because my Girlfriend was like 'WTF do they keep doing that for!?" | ||
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Bitters
Canada303 Posts
yes it will be interesting to see when entitled, hipster 20-somethings go up against one of the roughest police forces in America. | ||
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BlackFlag
499 Posts
On October 06 2011 01:27 Kaitlin wrote: So, the gun-control, peace-loving hippie types are going to get violent ? That will be interesting to watch. Also, why are they repeating everything that guy says in the video above ? You could for example look at the gun-control, peace-loving hippies in greece who fight every week with the police. As the economic situation worsens, more people will become aware of the problems behind it. | ||
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-Archangel-
Croatia7457 Posts
On October 06 2011 01:27 Kaitlin wrote: So, the gun-control, peace-loving hippie types are going to get violent ? That will be interesting to watch. Also, why are they repeating everything that guy says in the video above ? Because at its heart USA is not much different then Egypt. | ||
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BioNova
United States598 Posts
On October 06 2011 01:34 BlackFlag wrote: You could for example look at the gun-control, peace-loving hippies in greece who fight every week with the police. As the economic situation worsens, more people will become aware of the problems behind it. Too often they get angry and think, instead of think, then get angry! Ah, in a spoiler, but still relevant. + Show Spoiler + | ||
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