United States Heading towards a Depression?

Bloomberg Exclusive : Bernanke May Run Low on `Ammunition' for Loans, Rates (Update1)
http://www.bloomberg.com/apps/news?pid=20601109&sid=aOv1UfsECliU&refer=exclusive

Excerpt

Helicopter Bernanke might run himself out of gas...

 

An idea will most likely be thought of by them by that time when the tank needs to be re-filled with gas

 

Bernanke is backing himself into a corner

Core producer prices, which strip out volatile food and energy costs at the farm and factory gate, rose by 0.5 percent last month

 

The market will keep rebounding as long as Bernanke keeps giving Wall Street what it wants.

 

As long as Bernanke still has something to give. The transfer of wealth will eventually reach it's end.

 

The average American doesn't realize that they have little gain in maintaining the 'housing bubble' Outside of the Coasts, the average home owner may see a paper loss of $20,000 or so. But the Fed's actions may cost the average guy his job and is erroding his savings and income

The transfer of wealth in just the JP Morgan buyout was staggering. The Bear Stearns headquarters in New York is worth 1 billion alone.

 

What I find interesting is how Bear Stearns is worth nothing, no longer liquid a few days ago, and today, after Chase and me and you (the taxpayer) bails them out, they are showing record profits????

WTF? IN THREE DAYS they go from destitute to profitable?

 

Bear Stearns was not "bailed out". They were hung out for all to see and beaten. JP Morgan received the "bail out".

 

Someone in the media should begin investigating to see what kind of cars the kids of the CEO's and other top level management at these firms drive.

I'd be willing to bet they are not cheap.

What I find really interesting is my call to JP Moran Chase this morning with whom I do a fuck ton of business.

I have one loan CC from them that is paid off every month that carries a 29.99% Cash and Purchase APR. I called and requested they reduce that. They flat out refused and said they review it every 6 months and credit report indicated that it did not warrant the reduction.

Meanwhile I have another CC from them that is 8.99% cash/purchase APR.... Why the difference? I checked my FICO this morning, no delinquencies, no derogatory statements, and a low revolving balance. Nothing negative at all.

I called WAMU and asked for a reduction and they said, ah, ok... no problem. Something stinks in the banking industry.

 

Why? Because you are angry that you are forced to participate in a system that progressively rapes you and robs you of your wealth?

Welcome to the awakening.

 

Given the balances are paid off, I've not had to pay any interest.. Where I get raped is as a merchant, not a consumer.. We really get screwed taking CC's.

My suggestion to those with CC debt. Don't pay it. The credit card companies are not making their money off the consumer. They make it off the merchant.

 

I know. Back in 2002, it was a major pain in the ass to get a merchant account when I was setting up an e-commerce site.

But my point is, every time they bail out the market, they debase the money you are holding. That's taking it in the @ss. Which is what I thought you had concluded in your previous post.

 

Damn straight I want to become a billionaire. Keep debasing.

 

rotflmao. I can see future generations...

 

What is being debased is money I have in the bank.. Want to help the economy, lower the cc debt that the majority of people have by lowering the allowed rate over prime, or the prime rate or both. Lowering the rates at which banks lend or pay, lowers the rate at which those of us with money in the bank get paid by the banks to lose our money.

It's retarded... I'd like to see double digit rates personally!

 

Just Google Rockefeller, JP Morgan, and the Fed..."Conspiracy theorists" have been trying to understand the total value of these families for decades (here's an older Berkeley study)

They count up a couple hundred billion dollars, then conclude their social and political influence is so massive that their wealth cannot be counted in mere dollars.

Pretty nice "coincidence" that the grandkids of the bankers who set up the Fed would now have the Fed on their side in these penny on the dollar (hostile?) takeovers and have the whole deal backed by public funds. Great coincidence indeed.

 

Merril Lynch may be the next investment bank to meltdown.

http://www.reuters.com/article/usMktRpt/idUSN1934941620080319

It's going to take a couple of years for housing prices to wind down. How many rescues can the Fed perform before they do some serious damage?