OT: house of cards collapsing?

Aug 18, 2008 34 Replies

First reply

cavelamb himself

George, my feeling on it is that we simply haven't had enough bodies hung out on the airport fence for public stoning. But that's just me. Richard (remove the X to email)

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As indicates in prior postings, a major economic danger is the implosion of the CDS or "credit default swap" market, on which most of the remaining value of CDO [synthetic structured residential mortgage backed (and other) credit debt obligations] is based as "insured" investments.



========= Wachovia Unit Seeks Protection By DAVID MCLAUGHLIN August 15, 2008; Page C2



A unit of Wachovia Corp. that sold insurance against defaults on mortgage-backed securities is being liquidated in Bermuda and is asking a U.S. court to protect its assets here.



BluePoint Re Ltd. began liquidation proceedings earlier this month in Bermuda, where it is based. The company was brought down by rising defaults on mortgage securities and downgrades by ratings firm.



The company is asking the U.S. Bankruptcy Court in Manhattan to recognize the Bermuda proceeding so it can liquidate there. If approved, creditors will be blocked from seizing assets in the U.S.



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Of particular concern is that this is an "offshore" unit of Wachovia, which may not only be beyond the reach of US law, but appears to be highly convoluted with the parent organization who has been a major "paper hanger" in the US.



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Don't take any wooden nickels...


Unka' George [George McDuffee]



------------------------------------------- He that will not apply new remedies, must expect new evils: for Time is the greatest innovator: and if Time, of course, alter things to the worse, and wisdom and counsel shall not alter them to the better, what shall be the end?



Francis Bacon (1561-1626), English philosopher, essayist, statesman. Essays, "Of Innovations" (1597-1625).


George, my feeling on it is that we simply haven't had enough bodies hung out on the airport fence for public stoning.

But that's just me.

Richard

(remove the X to email)

============ Another voter, invester and taxpayer heard from...

Unka' George [George McDuffee]

------------------------------------------- He that will not apply new remedies, must expect new evils: for Time is the greatest innovator: and if Time, of course, alter things to the worse, and wisdom and counsel shall not alter them to the better, what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman. Essays, "Of Innovations" (1597-1625).

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Just look out for the inflation. It's the way they're going to handle it, and it's gonna be fierce!

May I vote twice in this here election?

Of course. Twice or more is common in Chicago and other Democrat hotbeds. Enjoy!!

Gunner

I missed the Staff meeting, but the Memos showed that Gunner Asch wrote on Sun, 17 Aug 2008 22:16:52 -0700 in rec.crafts.metalworking :

King County (Seattle WA and surrounds). in the 2004 general election 8000 more votes were counted than voters cast. And they were still finding ballots a year after the election.

-- pyotr filipivich "I had just been through hell and must have looked like death warmed over walking into the saloon, because when I asked the bartender whether they served zombies he said, ?Sure, what'll you have?'" from I Hear America Swinging by Peter DeVries

I am afraid you are right, and as a new retiree it scares the hell out of me.

Think of inflation as a tax that steals value from your wages, your bank account, and everything else of value that you own. Inflation is a natural result of a high deficit. A high deficit is a natural result of the policy coming out of DC for the last 7.5 years.

Vaughn

And just how are some of us supposed to get to the airport fence? Drive? You better have a good public transport system.

ANY secret ballot is subject to fraud. The original town meetings (still practiced in New England) had people stand up to be counted so there could be no fraud.

When we have open ballots and everyone's vote is published in the newspaper it will be EZ to see who the dead people voted for ;)

Free men own guns - www(dot)geocities(dot)com/CapitolHill/5357/

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Try 75 years, you missed the decimal place ;)

Free men own guns - www(dot)geocities(dot)com/CapitolHill/5357/

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======== You have the decimal point in the wrong place. It started with FDR, and for much the sme reasons.

Unka' George [George McDuffee]

------------------------------------------- He that will not apply new remedies, must expect new evils: for Time is the greatest innovator: and if Time, of course, alter things to the worse, and wisdom and counsel shall not alter them to the better, what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman. Essays, "Of Innovations" (1597-1625).

Remove the decimal point. FDR took office in 1933.

I missed the Staff meeting, but the Memos showed that nick hull wrote on Mon, 18 Aug 2008 09:26:15 -0500 in rec.crafts.metalworking :

We'd also be able to know who were those so deluded by the Evil One, as to believe _that_. Good point.

Interesting how the Democrats seem so eager to take away the right to a secret ballot from workers.

-- pyotr filipivich "I had just been through hell and must have looked like death warmed over walking into the saloon, because when I asked the bartender whether they served zombies he said, ?Sure, what'll you have?'" from I Hear America Swinging by Peter DeVries

Inflation was built into the USA monetary system with the founding of the Federal Reserve Bank, which is neither Federal nor a Reserve Bank but is a private business.

There is an on-line book I recently read entitled "The Mystery Of Banking".

It is a real eye-opener on how the working stiff gets ripped off from the day of birth, by means of this systemic inflation.

One needs to understand what inflation really is. And rising prices generally do not meet the criterion because these can vary for reasons of demand, shortages such as failed crops, etc.

In a nutshell inflation is caused by too much money placed into circulation. Wars usually are the cause of this, and too low interest rates plus crooked lending practices. Drug dealing has a similar effect on a local basis. But the real brilliance for creating inflation is FRACTIONAL RESERVE BANKING. The owners of the central banks, the Rothschilds et al, are the great beneficiaries. Of course the paid-off, facilitators, aiders and abettors, make out like bandits also.

One way for citizens to fight this is to curtail borrowing, because the demand for credit (borrowed funds) and the interest paid on it is what feeds "the machine" we all so detest. Agreed that this is the barest thumbnail sketch.

Read the on-line book, please. A good blog for information on this topic is "lewrockwell".

Wolfgang... Yes, it is my real Christian name.

Its also one of my middle names

Gunner

You can always weld up a nifty Trumble or Hurdle and draw them to the airport

This IS a metalworking group afterall......

gunner

The hottest places in hell are reserved for those who in times of great moral crisis maintain their neutrality", John F. Kennedy.

or use a steel cable and drag them behind your truck. Just make sure to take a shotgun along, to scare off the vultures. :(

Oh Wolfie, what big eyes you have!

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