Archive for April 2nd, 2009

Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

Posted on April 2, 2009. Filed under: Blogroll, Economics, Investments, Links, People, Quotations, Rants, Raves, Resources, Taxes, Technology, Uncategorized, Video | Tags: , , , , , , , , , , , |

 Three Chinese Curses

May you live in interesting times.

May you come to the attention of those in authority.

May you find what you are looking for.

Humans make mistakes.

One should learn from your own’s mistakes.

A better approach is to learn from the mistakes of others so as not to repeat them yourself.

Peter Schiff, Steve Forbes and Michael Bloomberg both summarize their views on the primary causes of the current financial crisis and recession.


Peter Schiff: They’re Gonna Change This Into An Inflationary Depression!



Peter Schiff Economic crisis analogies


Is The Federal Reserve Intentionally Causing The Economic Crisis?


Michael Bloomberg – Origins of the Economic Crisis


Complete Bloomberg Interview

Unfortunately, President Obama, Treasury Secretary Geithner, and Federal Reserve Chairman Ben Bernanke continue to repeat the mistakes of the past with there massive bailouts of failing banks, financial institutions and businesses.

A free market economy requires that businesses that fail should either be liquidated or sold to successful businesses and not bailedout.

The Congress and the Federal Government has no Constitutional authority to rescue failing businesses no matter what there size or impact on other businesses.

It was Federal Government failure to learn from the mistakes of the past that bears much of the responsibility for the current financial crisis and recession. 

Greed, Arrogance, Stupidity–human nature– results in many mistakes being made.

Could not agree more with Peter Schiff that the U.S. economy is heading for inflationary depression.

Time to join the Second American Revolution and rally at a Tax Day Tea Party in your community on April 15, 2009:


Second American Revolution–Tea Party Celebrations–Washington Fair–July 4, 2009–An Open Invitation To The American People

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009! 






Together We Can Save the Nation

Make a Point on Tax Day 2009

“…April 15th–the single greatest reminder to every American of just how broken our national tax system is.

 This year our work is more important than ever before. Our battered economy can be healed with the FairTax.

Can you help us make that point during this dangerous time for our country?

 Our voices are needed. If we make our democracy work, we can move the FairTax closer to passage.

 It’s all about working together. Below, please find the perfect way for you to support the FairTax–and literally help save the nation.: …” 




It’s not AIG. It’s the GOV…


Subprime Banking Mess



Background Articles and Videos


Peter Schiff Was (And Is Still) Correct on the Financial Crisis

March 31, 2009 · Publius

“…I am man enough to admit I was wrong about Peter Schiff. I thought he was a “doom and gloomer” who was incapable of being optimistic about the economy for whatever reason. Boy was I wrong.

The problem was that I wanted Schiff to be wrong, and I wanted his warnings to be exaggerations like many of the people you will see in this video. I did not want to believe that the money I had in the market was in danger because of a coming financial crisis from the mortgage industry. And seeing smart people like Ben Stein and Neil Cavuto downplaying or dismissing Schiff’s statements was the only excuse I needed to dismiss him myself.

I wish I could have that one back, but I can’t.

What I can do though is heed what Schiff is saying now, and I suggest everyone in the country do the same. …”


“… Schiff argues that our deflationary recession will soon become an inflationary depression if the government does not reverse the course it is taking. The enormous increases in the money supply (printed by the Fed) and government borrowing and spending (Obama’s budget with a $1.8 trillion deficit) will no doubt result in inflation. In fact that is the desired result to combat the current deflation. But since this kind of government intervention has never worked in the past, the prospects of future experiments do not instill much confidence.

Schiff’s recommendation does not require the government do nothing though. If the government starts promoting savings and reduction of debt again while reallocating resources back to sectors of the economy that produce goods, the recession will be much shorter lived. However, if they continue to promote consumer borrowing and spending, as they currently are, our problems could and probably will get much worse. …”


Socialism Comes to America


AIM Report  |  By Cliff Kincaid

“…While many of the talking heads and pundits on TV were providing calming words of reassurance about federal intervention in the financial system, analyst Peter Schiff of Euro Pacific Capital had been accurately warning for years about a financial meltdown and says that the worst is yet to come. Asked for comment on media coverage of the financial meltdown, he told Accuracy in Media, “Absent when they have me on, it’s pretty bad.”

Many commentators, Schiff said, were telling people that if the bailout doesn’t go forward, there would be an economic crisis. However, “if we do it, there will be a bigger crisis,” he predicts. “The politicians want to make believe we can avoid paying the piper if we pass these bailouts,” he said. “It’s just not true. It’s going to collapse the currency. It’s going to make a worse economic crisis because the money they’re printing is not going to buy anything.”

While he continues to make a number of media appearances, he says that the CNBC cable network won’t have him on the air. “I predicted all this stuff, and they laughed at me,” he said. “So maybe they’re embarrassed.” …”

“…Schiff, who labels the government takeover of the financial sector as socialism and refers to the Federal Reserve Board chairman as “Comrade Bernanke,” told AIM, “The government doesn’t have the authority to do any of this stuff. This whole bailout bill is illegal. They don’t have the authority to buy up mortgages. Nothing in the Constitution says they can do this.”  “Who needs Bolsheviks when you have the Fed?” he had written.

The author of “Crash Proof: How to Profit from the Coming Economic Collapse,” Schiff  said that “The government doesn’t solve problems. It makes them bigger. So if we’re broke, which is the reality—that’s why these mortgages are not worth much because Americans can’t afford to pay the money back that they borrowed—the bottom line is we’ve borrowed and spent ourselves into bankruptcy following the government’s advice. They’re the ones that encouraged all this reckless borrowing and spending.” …”


Background Articles and Videos

Share it: The Tea Party Google map

By Michelle Malkin  

FreedomWorks has put together a terrific map with info on all the Tax Day Tea Party events. Spread the word and click to find all the location/time/date info you need. Go to the Tax Day Tea Party website for all the latest. Pretty amazing, don’t you think:

Tea Party update: Revolution is brewing

By Michelle Malkin  

“…Eric Odom reports that there are now 115 cities signed up for the April 15 nationwide Tax Day Tea Party protest. Wow. If you haven’t signed up, want to start your own, and are looking to meet up and organize with other tax revolters, go to Tax Day Tea Party’s website here.

Here’s a quick how-to guide.

  1. dontgo has opened up a Tax Day Tea Party store. Buy some swag, share with friends, spread the word.

Stay tuned to the Fresh Tea blog, where you can meet organizers from across the country. Check in with TCOT Report and Smart Girl Politics for more grass-roots organizing.

(On a parallel track, fellow Fox News colleague Glenn Beck has spearheaded “We Surround Them” parties scheduled across the country today. I’m hearing from lots of first-time activists who have found overlapping networks. The same principles that unite the “We Surround Them” effort also are in sync with the tax revolters. Synergy is good. We need every body and mind in motion we can get.)

In the meantime, other local Tea Party events keep rolling on.

  • Reader Stan e-mails photos from Columbia, MO’s protest today: …” 


Tea Party progress report

By Michelle Malkin  


Just 15 days until the Tax Day Tea Party protest! 300 cities and counting.

Your places for all the latest planning developments, as always:

Tax Day Tea Party

TCOT Report


Smart Girl Politics

Check out the full list of TDTP sponsors and supporting organizations here.

Get some Tax Day Tea Party gear here. (Just ordered the iTeaParty t-shirt.)

And track #teaparty tweeters here.


No duh! White House “worried about bailout backlash”

By Michelle Malkin  

“…With a few notable exceptions, the national media has ignored the tax revolt movement against the porkulus package, omni-pork spending bill, and bottomless bailouts that began in Seattle on President’s Day; continued in Denver on the day of the Generational Theft Act signing; spread to Mesa AZ during President Obama’s massive mortgage entitlement push; spurred protest in Overland Park KS; and evolved into the Tea Party movement across the country.

But local politicians and local newspapers/TV are definitely on notice. Thousands of folks converging in places like St. Louis (1,500), Greenville (2,000), Fullerton (est. 15,000), and Cincinnati (5,000) are getting harder to ignore.

And now, it seems, word is getting around in Washington. The White House, the NYTimes (which has mocked the tax revolters) tells us, is worried about a populist backlash against bailout-mania. Naw. Really? You don’t say: …”




Why the Meltdown Should Have Surprised No One


Steve Forbes on Fannie Mae, Freddie Mac, and the Subprime Crisis


Complete Speech


Frost Over The World – Steve Forbes and Pat Buchanan -Oct 31


Steve Forbes – Obama Stimulus is a Waste of Money


Authors@Google: Michael Bloomberg


Joseph Gyourko on Fannie, Freddie, and the Housing Bust


Deconstructing the Subprime Crisis


Wall Street’s Day of Reckoning: The Fannie & Freddie Bailout


Franklin Allen on Lessons from the Subprime Crisis



Franklin Allen on Past Crises


Richard Herring on Mortgage-backed Securities


Susan Wachter on Securitizations and Deregulation


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Posted on April 2, 2009. Filed under: Blogroll, Economics, People, Politics, Quotations, Regulations, Video | Tags: , , , , |



Banking 1


Banking 2: A bank’s income statement


Banking 3: Fractional Reserve Banking


Banking 4: Multiplier effect and the money supply


Banking 5: Introduction to Bank Notes


Banking 6: Bank Notes and Checks


Banking 7: Giving out loans without giving out gold


Banking 8: Reserve Ratios


Banking 9: More on Reserve Ratios


Banking 10: Introduction to leverage


Banking 11: Reserve Bank


Banking 12: Treasuries (government debt)


Banking 13: Open Market Operations


Banking 14: Fed Funds Rate


Banking 15: More on the Fed Funds Rate


Banking 16: Why target rates vs. money supply


Banking 17: What happened to the gold?


Banking 18: Big Picture Discussion

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