OT: sale at my local bank

[rwsaunders]

It's a buyer's market for sure.

[rounder]

It's a tough market for sure. I was asked by my boss this week to encourage some of the employees in my office to to join the 401(k) plan. I was also told that it would really help if i doubled my contribution to the plan. I did it because i knew that i would not have been asked unless it was something that was needed, but it was still hard. The best selling point for the employees was the employer match. I tried to describe the choice of investments to the employees and showed them the performance of each of the funds over the past month, quarter, year, etc. I explained to them that the market these days is crazy and who knows where it will go. I told them that, if it were me, I would seriously consider the money market account...lowest current risk of the bunch but, with the employer match, it would be a good return.

[Ahneida Ride]

Ah yes .... :p

the end result of frnacation and fictional reserve ...
10 claims to one frn ...

Now add derivatives (inverse mortgage backed floaters) and Viola ... bail out by taxpayer frn dilution.

Last count bailout (oops not PC, sorry) is approaching 3 Trillion or
3,000,000,000,000.00 frns. Assuming 100,000,000 (100 million taxpayers)
in the USA .... that is 30,000.00 frns per USA taxpayer ....

Now.... who is gonna knock on Uncle Williams door and demand in
immediate payment 60,000.00 in frns from Mr. and Mrs. William ?????

Nobody ???? No takers ? :D





Let's add it up!

$800 billion to support mortgage consumer debt
$100 billion for Fannie Mae
$100 billion for Freddie Mac
$150 billion for Stimulus package (from January)
$8 billion for Indymac
$29 billion for Bear Stearns
$ 700 billion for Wall Street ( Bank of America; Merrill Lynch, City Group, JP Morgan, Washington Mutual, Wells Fargo; Wachovia, Morgan Stanley, Goldman Sachs...)
$143.8 Billion for AIG ( which keeps growing)
$25 Billion for the big three in Detroit
$138 billion for Lehman Brothers (post bankruptcy) through JP Morgan
$50 Billion for money market funds
$ 620 billion for general currency swaps from the feds
Totaling : $2,863,800,000,000

This doesn't include the hundreds of billions the fed have and will continue to buy in commercial paper. Plus, what they lend out to other financial firms.

Not to mention, the fed recent supply of new credit lines to Brazil, Mexico, South Korea, and Singapore to "help those countries deal with the global credit crisis." The feds will start at $30 billion and have promised up to $100 billion frns per country.

[Blue Jays]

I would have to use pencil & paper for those figures because my calculator likely doesn't handle that many digits.

[csm]

great, but what is the solution? seems like everyone has no limit to how much they can say what is wrong; but thus far I haven't heard any real solutions. obviously bailouts are just a temp fix. word is now that GM and Chrysler are considering bankruptcies, UAW is finally willing to "help" for whatever that does.
last year the mantra was "we don't save enough."
this year "we don't spend enough."
the constant frn lecture certainly isn't.

[Ahneida Ride]

Solutions ...

1.) Expose fractional reserve for the Ponzi scheme it is ..
just like we place warning's on Cigarettes, we place warnings on
fractional reserve bank accounts. People need to know that their
one "dollar" deposit is being sold 10 times. Multiple people claim the
same "dollar" simultaneously. Can 10 people own the same house
simultaneously?

2.) eliminate the Incredible Preserve. It has an abysmal 100 year
track record. It's notes have lost 98% of their purchasing power.
All our Nations previous "central banks" were abolished, tis time for
this one to go to.

3.) These are the first two steps toward SOUND money ....

4.) if we are going to create "money" outa nothing, Use United States
Notes, at least we do not pay interest to a private corporation
on digits they type into a computer spreadsheet.
We "The People" issue our own money on which we pay no interest.

5.) As the United States Constitution requires, Return the Dollar to
a measure of a redeemable substance. as the dollar used to be ...
A dollar based on Thrift not debt

6.) Constantly point out the absurdities of the current banking system,
and it's inherent instabilities.
not 1 in 1000 understands how the game is played.
Education is paramount. People are now receptive. frn diatribes
get people thinking and disseminates information that the mass media
almost never talks about.

7.) Finally .... a balanced budget every year .... No generation has the
right to pass on to the succeeding generations mind blowing
un-repayable obligations that will force our future children to live
as indentured serfs.

Not a bad start ...