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RINOVirus
George Carlin was right all along.
08:39 AM on 03/07/2011
The Glass Steagall Act must be reinstated. Otherwise this will just happen again. Wall Street isn't going to learn it's lessons. They are back to the same old tricks again.
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ClarcKing
Citizen
07:47 AM on 03/07/2011
Stabilizing the United States, abating the decline in the standard of living is the imperative. The present monetary system is corrupt; its' basis of Debt, usury, and speculation can only operate a collapse. All discussion of monetary machinations, etc., that ignore the population's standard of living and deadly contraction of production are fraught with genocidal intentions. The monetary financial system must be terminated starting with the implementation of the Glass-Steagall standard in US Banking. Put the Fed into bankruptcy protection, create the US National Bank that funds the 50 states, then fund the necessary facilities that enhance the population's standard of living.

Crisis economy formation measures must be implemented now or this great nation is doomed.
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SevenSteps2Kevin
Quis Ipsos Custodiet Custodes?
06:13 PM on 03/11/2011
f and f...

bold words, but true words.
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ClarcKing
Citizen
07:30 AM on 03/12/2011
Thanks, for more info on the economy go to the LaRouche PAC website. Good Luck!
07:03 AM on 03/07/2011
Very good article. The truth has been told, now what will our government do about it.
12:23 PM on 03/07/2011
The article points out that the government is impotent in this matter.
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fugmo
Reality leaves a lot to the imagination.
01:59 PM on 03/07/2011
Lower taxes, fire teachers, police, and firemen, and further gut the safety net for the weakest and most vulnerable of our nation, then look us in the eye and tell us it's for our own good.
02:45 PM on 03/07/2011
Don't forget steal the funds workers have paid into Social Security, destroy unions, and make us pay for the next inevitable bailout of the financial elite and the next tax cut for the wealthy.
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Mary Blickhahn
Is this really the best we can do?
03:20 PM on 03/07/2011
Sadly you are very right
06:35 AM on 03/07/2011
I think the hardest part to swallow is that the same people are making the same money doing the same things.
05:18 AM on 03/07/2011
Lack of regulation and oversight is a license to steal and rob the equity from the American people. The pirates and robber barons are once again in their heyday running scams and cons on the American people and the rest of the people of the world. Will it take another economic meltdown worldwide to refresh the memory of the citizens of the world when unbridled greed is allowed to run amuck? Does anyone remember the movie "It's a Woderful Life". What happens when the heartless Banker controls the town? Townsfolk are oppressed, downtrodden, poor and depressed. This is what will happen to the American Dream if the top uber rich 1% get their way. Extensive regulation and oversight needs to be enacted into law and furthermore these large banking corporations headed by robber barons and staffed by pirates need to be broken up under anti-trust regulation and dispersed as small local community banks like they used to be.
01:08 AM on 03/07/2011
Long article so lets cut to the chase. The origination of the financial crises was due to land speculation. Money left the economy for gambling on land values. As land appreciated it attracted more money after more land. Money that would go to productive economic activity was redirected to land speculation. The cost of money went up and the Fed intervened again and again.

It was not a housing crises because houses depreciate. Nor was it a real estate crises. It was a land bubble.

The solution is to recapture the rental value of land. Owning land does not benefit the economy. Recapture this wealth to a parasite landlord and give it back to the community. This means less taxes on the economy.

The value of land has nothing to due with the landlord. The value is a community derived value. The best way to stop land speculation is via a land value tax (LVT).

It really is a user fee for land. Taxes are called taxes because they punish productive and good behavior, like work, investment, and getting a job. Applying a user fee on land value actually puts more land into productive use. More importantly, it limits land speculation.
02:21 AM on 03/07/2011
End speculation and introduce strict monetary policy, thats how simple it is. Just because Bush wanted everyone to own a house didn't mean that every bank had to hand over money to people who had no money to start with.

A controlled market asking for a minimum of 25% to 35 % down would not have imploded. You would have had alot less home builds and sales. ( but thats not what the aim was. )

This was an out of control scam and the only ones who saved the day were future taxpayers. They should burn every economic book in the land and ban the word Free market from ever being uttereed. And yes, the USA is a Socialist state.
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Mary Blickhahn
Is this really the best we can do?
03:27 PM on 03/07/2011
You are half right. If the homes were priced reasonably, better wages, and better mortgages that were not compounded interest or outright scams or 30 years. It would have been fine. Homes are a necessity. Where did you want them to live? The street? If they have a decent job why not buy a house? Corps cut pay and jobs, and banks didn't want to face the music that the party was over. Stop blaming the common person for needing a place to call home and getting stuck in an over priced house then laid off! Houses have out paced the common paycheck even in rent. Time to wake up!
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LoneTree
Liberty is more precious than safety.
11:40 PM on 03/06/2011
This is the best article I've ever read on HuffPo. Thank you. There is only one thing to do: fix the system. There is only one obstacle: the same old tired argument over "cut spending" v. "raise taxes". How about fixing the problem, first? Because it's no exaggeration to say that nothing else matters. The "cut spending/raise taxes" debate is just rearranging the deck chairs on the Titanic.
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Mary Blickhahn
Is this really the best we can do?
03:28 PM on 03/07/2011
Well said!
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joebhed
Greenback Revolutionist
10:01 PM on 03/06/2011
Actually, any financial system based upon the private creation of debt-based money MUST have the expectation of government bailouts in order to exist.
The solution is not to withdraw the bailout, it is to avoid ever needing one by resort to a full-reserve, debt-free money system, as Congressman Dennis Kucinich has proposed in his Bill H.R.6550, available here =
http://kucinich.house.gov/UploadedFiles/NEED_ACT.pdf

It is inadequate to say what a sound financial CANNOT be built upon.
It is essential to identify the building blocks of sound money, sound finance and a stable economy.
End fractional reserve banking.
All lending is done on a full-reserve basis.
The government issues the money supply without creating any debts.
Bankers lend rreal money.
The risk of instability is history.
As is the monetary transformation needed for long-term economic stability.
The money system common.
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LoneTree
Liberty is more precious than safety.
11:35 PM on 03/06/2011
When our US dollars were 100% backed by gold, we had some of the worst financial crisis of our history. So then we got a Federal Reserve system, and the Great Depression. Then we went off the gold standard, and had a series of little baby recessions. Until we repealed Glass-Stegall, and in ten years went through wild gyrations culminating in the worst collapse since the Great Depression.

My reason for saying all this is that I think it's more complicated than Kucinich is making it sound. If there were an easy answer with no real downside, and no logic tricks, that would work in the real world, we'd be all ears.

Eg; his point 19A (subsequent to 18) says the Federal Reserve system has led to unreasonable concentration of wealth, but the Fed was formed in 1915 and from 1945-1970 we achieved widespread prosperity and equitable distribution of wealth .. baloney. In 19B he blames the Fed for our debt, but it's Congress that authorizes spending and borrowing. And on, and on, and on. His bill is a political diatribe, not a serious plan.
08:14 AM on 03/07/2011
They don't understand. The gold standard was stupid. Money was never actually backed by gold. It's just plain silly to believe that.
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joebhed
Greenback Revolutionist
12:30 PM on 03/08/2011
If you don't agree with Michael's observation that this system has led to the greatest concentration of wealth in history, then say why you don't agree.
The benefits of economic expansion did settle more democratically during the great moderation, but you end the comparison at the point where the real disparity in income and wealth generation took off.
From the 70's to now(LONGER than the GREAT moderation) there has been ZERO growth in real wages for Americans,. just a plethora of new ways to be indebted.
You can come to our website at economicstability.org in order to have a more informed and broader discussion.
The Kucinich Bill is the most far-reaching political-economic reform to ever be entered into Congress.
Again, it is just awaiting Michael's discovery for his next great movie.
Thanks.
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09:34 PM on 03/06/2011
"Adjustments to our regulatory framework, including the Dodd-Frank financial reform legislation, have not fixed the core problems that brought us to bring of complete catastrophe in fall 2008."

Need a human proofreader? I -- and millions of other Americans -- just happen to be available.
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notdarkyet
End the Drug War.
09:01 PM on 03/06/2011
We're screwed.
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07:43 PM on 03/06/2011
Shh, the pro-corporate agenda giggles from a permanently rising stock market, and as a result they don't really care how it is engineered or at what eventual cost.
Corporate executives get phat on a rising stock market--it's ideal for bonuses or the perfect setting for dumping one's stock options.
Politico’s love a rising stock market--since the vast majority of their contributions flow from the elite that own stocks.
The financial media trumpets a rising stock market, because it helps generate positive buzz, more readership and ad revenue.
Wall Street craves a rising stock market, as it masks the entire sordid, shadowy array of fraud and embezzlement that is the beating heart of Wall Street, from high-frequency skimming to the "never have a losing day" proprietary desks and so much more.
The Federal Reserve manipulates a permanent rally and of course it makes their shadowy, shameless, device appear successful and omnipotent.
The President and his administration love a rising stock market, it offers up a glossy sheen of economic "growth" always extending the promise of the mythical "self-sustaining recovery" just around the corner.
What does this reveal? Government is not the problem but rather the prize, and right now it sits in a trophy case on Wall Street.
Will the people ever recapture their own government away from the cabals that dictate direction; all the while stuffing their deep-pockets. The entire world is writhing, yet they press on.
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notdarkyet
End the Drug War.
09:01 PM on 03/06/2011
I've noticed the obsessiveness with the market myself.
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10:41 PM on 03/06/2011
ya think...soon 25% of American children will be living below the poverty level but hooray ...the S&P is plus 12
05:45 PM on 03/06/2011
Of course it can't. There is a finite amount of real wealth to be had, and once it has all been sucked up by the wealthy elite, there won't be any need for any bailouts.
02:55 PM on 03/06/2011
We also need to diversify the economy. For the last thirty years, small businesses have been under attack. There used to be thousands of newspapers owned by different owners. This has been consolidated. The number of small businesses have shrunk. There used to be thousands of different banks, but after so many mergers and takeovers, there are few. What ever happened to the Sherman Antitrust Act?

TARP did not have to be done the way it was done. That money could have been used for a government take over of the banks so they could still function, and then plans could have been made to break them up into the many competing banks that they once were. People have to realize that banks are not the engines of our economy. They are parasitical. What has happened is that we have slowly been changed from a stable ownership and savings economy to one that relies on loans. There is no difference to what they are trying to do than what was done in sharecropping economies. They want us in debt so deep that we can never get out of it. Forgiving debt is anathema to their concerns. This must be talked about.
02:43 PM on 03/06/2011
If anybody needed a bailout, it was the American people from usurious loans and the states, not criminals.
iam99
To know what you prefer...
02:23 PM on 03/06/2011
A financial system cannot be built upon the acquiescence to the mandate to the taxpayers money - EVER! Failure is good when we learn how NOT engage in the same practices that got us in the exact spot we find our nation in now - and act on it!

Bring back Glass-Steagall 100%!