The Market Ticker
The Market Ticker:
Derringer as usual is right on with what we need to do. If only the people will wake up and wake up their congress.
"To avoid this impending disaster, you must:
1. Refuse to authorize the remaining $350 billion in the EESA/TARP. That bill was an act of outright theft, it could not have worked in its original form, it definitely didn't work in its modified form, and there is no defense for continuing the charade.
2. Force, either by demand or if ignored by regulation, the full disclosure of all Federal Reserve 'assets', from where they came, the prices paid, and the terms, and demand that all 'in extremis' programs end ninety days hence. If the Fed doesn't like this de-authorize The Federal Reserve Act and replace them. I am well-aware that this will cause the collapse of a significant number of banks. We will deal with that momentarily.
3. Withdraw all debt-based support from the general economy. It is necessary that the over-encumbered go under. We have a means of dealing with this - it is called bankruptcy. Do it and get it over with. There is no alternative and stretching this out just makes it worse. If you have cancer the longer you wait the worse it is, and if you wait too long it spreads and you die. We are very close to having the economy die; there is no time for more delay.
4. Repeal the 'Bankruptcy Reform' act. That was a monstrous travesty demanded by the banking lobby to enslave Americans they ..."
Derringer as usual is right on with what we need to do. If only the people will wake up and wake up their congress.
"To avoid this impending disaster, you must:
1. Refuse to authorize the remaining $350 billion in the EESA/TARP. That bill was an act of outright theft, it could not have worked in its original form, it definitely didn't work in its modified form, and there is no defense for continuing the charade.
2. Force, either by demand or if ignored by regulation, the full disclosure of all Federal Reserve 'assets', from where they came, the prices paid, and the terms, and demand that all 'in extremis' programs end ninety days hence. If the Fed doesn't like this de-authorize The Federal Reserve Act and replace them. I am well-aware that this will cause the collapse of a significant number of banks. We will deal with that momentarily.
3. Withdraw all debt-based support from the general economy. It is necessary that the over-encumbered go under. We have a means of dealing with this - it is called bankruptcy. Do it and get it over with. There is no alternative and stretching this out just makes it worse. If you have cancer the longer you wait the worse it is, and if you wait too long it spreads and you die. We are very close to having the economy die; there is no time for more delay.
4. Repeal the 'Bankruptcy Reform' act. That was a monstrous travesty demanded by the banking lobby to enslave Americans they ..."
posted by Tolli at 11:59 PM
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