I surely hope that Obama saw my good friend with this protest poster today at the healthcare town hall in New Hampshire.
Every day it becomes more clear to me why I've had such an overwhelming sense of foreboding and an urgent need to plant, preserve and prepare:
Government programs such as the $787 billion stimulus and last fall's $700 billion Troubled Asset Relief Program have so far been successful, the Obama administration says [proving him to be a big fat liar.]
Except, the Congressional Oversight Panel warns in its August report, TARP never actually bought any troubled assets. [!!!]
"It is likely that an overwhelming portion of the troubled assets from last October remain on bank balance sheets today," the panel's report says.
Those bad assets are still there, rotting away on banks' books, making banks reluctant to ratchet up lending, and maybe, the watchdog warns, paving the way for another financial meltdown. -- ABC News
As I reported earlier this month, the FDIC has nowhere near the funds available to make good on all of those $250,000 per customer insurance policies. When the banks start to crumble and people begin to lose their life savings... well, let me put it this way, we are not as civilized a society as we were during the last financial meltdown in the 30s.
Nationwide riots will cause commerce to come to a grinding halt. Trucks and trains will stop delivering everything. Without fuel, power plants will be unable to operate. Without power or food or water, millions will not survive.
We may have just turned down a one way road towards the worst disaster in American history.
Thanks for nothing Obama. If newspapers could survive to tell the tale I fear future headlines would read, "Obama lied. People died."
Get self-sufficient folks. Do it now!
4 comments:
In July there were more than 360,000 properties with foreclosure filings -- including default notices, scheduled auctions and bank repossessions -- an increase of 7% from June and 32% from July 2008, according to RealtyTrac, an online marketer of foreclosed homes. In fact, one in every 355 U.S. homes had at least one filing during July.
"July marks the third time in the last five months where we've seen a new record set for foreclosure activity," said James J. Saccacio, chief executive officer of RealtyTrac. "Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we're seeing significant growth in both the initial notices of default and in the bank repossessions."
The worst hit areas continue to be in the "sand states," with California posting the highest number of total filings, 108,104, and Nevada posting the highest rate of foreclosure at one for every 56 homes.
The other hardest hit states are Arizona, at one filing for every 135 homes, and Florida, at one for every 154. Las Vegas, with one for every 47 homes, had the highest rate among metro areas. That's Sin City's 31st consecutive month topping the list.
Yahoo Finance
Never underestimate the ability of the government to generate revenue by raising taxes. And never underestimate the ability of the Federal Reserve to print money to buy US Treasuries.
Ultimately, those toxic assets are going to have to be sold. The banks just don't want to sell them at $.20 on the dollar. Whatever happened to the idea of a "bad bank"?
Anyway, here's a good idea on how to keep this from happening again. Too bad it's falling on deaf ears on both sides.
US to start purchases of 'toxic assets' next month [October]
33786.....60376
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