United States Heading towards a Depression?

Yeah and more will come as we keep printing money out of thin air as the bail out package doesn't work the first time or even the 2nd time. . The federal reserve an international banking cartel is getting the U.S in this mess partly. We need to get back to the basics, get rid of the fed reserve, get back on the gold standard, stop living among our means etc etc. I suggest u.s citizens read baldwin08.com for president. Im voting baldwin for president. BTW Ron Paul just endorsed him for president 10 days ago.

 

I was reading Baldwins page and one item to me might make it so I can not vote for him. Will be thinking it over for a bit.

 

I decided to vote for him a few months ago when I was unhappy with mccains immigration proposal which would have costed 2 trillion dollars over 20 years and wouldn't have solved the immigration problem. I looked around and found the costitutional party and thought they had good ideas. There is many other things im unhappy with about mccain and the most recent I think this bailout plan is a scam. I decided I don't want to be apart of this 2 party charade that is destroying our country and it's sovereignty. Obama is worse, but Mccain is just as clueless in some aspects. Im pretty hawkish like Mccain and agreed with the surge etc, but there is some other things im seeing that I don't like about his foreign policy and is VERY bad (2 state israel solution, sovereignty under U.N and other world organizations etc).

 

I am a former McCain supporter 'before all these new found Republicans who used to hate him now support him'

I am not voting for either, currently I plan on writing RP in.

The item I do not agree on with Baldwin on is..

http://baldwin08.com/Issue-The_Sanctity_of_Life.cfm

Granted it is modeled after RP's proposed bill, I don't believe RP was for actually forcing it on the presidential level. Of course I'm never going to support a candidate 100% on something, I however do not believe at 'fertilization' you can consider an embryo, or whatever you want to call it a US citizen. It opens up a can of worms IMHO.

 

Im ok with that because Im strongly pro-life. Its actually one more reason why I like Baldwin. I didn't know that Ron Paul even wrote that legislation,the more i learn about Ron Paul the more I like him. i never looked into everything ron paul stood for I actually voted for Huckabee in the primary although I thought Ron Paul had some good ideas too. I just thought huckabee was in line with my moral and religious views and he would be a better leader which is why I voted for him. Huckabe is a bit of an independant thinker like Ron Paul. Since huckabee and Ron Paul are out of the race I am definitely going for Baldwin.

 

Actually had the house done nothing, Oil would be at $20/barrel or lower in a matter of weeks! That would have solved any economic woes.

 

Who wanted to see some circuit breakers? Brazil set them off and not just one of them, but two! The Bovespa was down over 15% at one point. We may be setting off our own today, maybe.

I don't know about $20 / barrel, but seeing it under $55 or so wouldn't surprise me at all.

 

I know one thing, I plan on taking another check into my broker today

 

"The time to buy is when blood runs in the streets" - Attributed to Baron Rothschild

 

I had figured $90 by January, and it already dropped below that. I see $20/barrel oil in the future if only they would leave the financial system alone.

If you were paying $1/gal for gas, don't you think things would kinda sort themselves out? Everything that has gone up in price has gone up as a result of one thing and one thing only. OIL.

 

United States Heading towards a Depression?

Citigroup may be next. Citigroup is cutting its wholesale mortgage business by almost 90% and laying off 500 sales and operations employees.

http://www.marketwatch.com/News/Sto...8-47A8-9E2F-A9F41B75DBB3}&scid=2&dist=partner

US Treasury Secretary Henry Paulson is condering taking ownership positions in banks if necessary

Rep Barney Frank of Massachusetts and Democratic Sen. Charles Schumer of New York favor the idea to strengthen the economy at the expense of shareholders, creditors, and uninsured depositors.

http://news.yahoo.com/s/nm/20081009/bs_nm/us_financial_banks_treasury

Fed to lend additional $37.8 billion to AIG

AIG already has an $85 billion line of credit with the Fed.

http://www.marketwatch.com/news/sto...-A4B5-43C6-BA86-F1CCB78D69BB}&dist=TNMostRead

 

I am wondering why, if it seems Citigroup is having some issues, would they want to keep fighting to buy Wachovia? Wouldn't that just add to their problems?

 

It is like trying to prop up two stumbling, uncoordinated drunks by leaning them against each other, hoping they can survive.

 

That was a great comparison. Really made me laugh!

 

I see this thread has proven to be right - if only those Wall street buffoons had been listening? LOL.

 

LEH auction is going on today. Right now a bid of $0.0975 on the $1.00

I believe it will be final around 2pm, maybe.

Bidders so far:
Banc of America Securities LLC
Barclays Bank PLC
BNP Paribas
Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Deutsche Bank AG
Dresdner Bank AG
Goldman Sachs & Co
HSBC Bank USA, National Association
JPMorgan Chase Bank, National Association
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
The Royal Bank of Scotland PLC
UBS Securities LLC

 

The failure of LEH is being blamed for the domino effect of banks around the world.

 

My uncle bought a tanker load of gas for $2.72 per gallon. He is retailing it today at #.08. He will lower the price more when competitors undercut his price. If the price hold steady gas should be around 2.79 per gallon.

 

I think either way were all doomed !.. Iceland gone bump. Europe suffering average 10-20% losses. Russia lost 60% of its market (serve them right -bullies). Japanese dropped like a lead balloon.. as did most other asian economys.

Hence i went an purchased aload of gold.. yes it will drop price in the short term. But believe me the money men are waiting around the $750 margin.. and then its high $1500's and above !

 

Populists Back Ron Paul’s Plan To Kill the Fed
infowars.com
Sunday, Oct 5, 2008
The trillion-dollar Wall Street bailout plan negotiated by the White House and Congress has reinvigorated the debate about Texas Republican Rep. Ron Paul’s Federal Reserve Board Abolition Act (HR 2755), which was introduced into Congress in June 2007.
In the halls of Congress, legislators have yet to bring Paul’s bill to the floor. It is currently languishing in the House Committee on Financial Services.
However, there has been a great deal of discussion about this landmark legislation on the Internet and in the alternative press. Constitution Party presidential candidate Chuck Baldwin has even made abolishing the Fed one of the top planks in his platform.
Paul’s measure, as it is now, would kill the Federal Reserve Act and would then phase out the Federal Reserve one year after the bill becomes law.