Senator Predicts ?Revolution? If Banks Don?t Lend

[igiyf]

Senator Christopher Dodd has shockingly predicted that public anger at banks’ refusal to disperse credit could lead to a “revolution,” while another analyst says government intervention could mean banks are cut out of the loop entirely.

“If it turns out that they are hoarding, you’ll have a revolution on your hands. People will be so livid and furious that their tax money is going to line their pockets instead of doing the right thing. There will be hell to pay,” Dodd told the New York Times this weekend.

Meanwhile, Chief Investment Strategist Sean Corrigan from Diapason Commodities Management told CNBC this morning that banks may have to be “cut out of the loop” if the freeze in credit markets continues, forcing governments to act as the lender of last resort.

Corrigan said that banking was, “A business which is desperately in need of a cull in the world but nobody wants a bank to go down for fear that they bring all banks down, so we’ve locked ourselves into this position.”

Saying that the big mistake by central banks was the move not to save banking, but to save individual banks, Corrigan stated, “Ultimately yes, if the banks don’t restart, the authorities will have to start acting as the monetizers of last resort, they’ll have to start dispensing commercial credit between non-financial institutions and cut banking out of the loop if necessary.”

As the George Washington Blog documents, the banks have openly stated that they will keep hoarding cash no matter how much money the feds give them.

https://link.brightcove.com/services/player/bcpid1079049304?bctid=1878208855

I hate to give TheStreet.com any exposure or credence.

It’s the home of Jim Cramer, the pyromaniac TV stock picker who led thousands of people to financial catastrophe with his BS shoot-from-the-hip “investment” advice.

That being said this clip of theirs is unusually informative (in spite of the moronically chipper interviewer.)

US Treasury Secretary Paulson is, in fact, one of the small handful of people who is personally responsible for the mess we’re currently in. He pushed hard for the conditions that created the sub-prime disaster while CEO of Goldman Sachs.

It’s bizarre, to say the least, that he’s the person who’s been given the job of cleaning up the mess.

That his “solution” to the problem was to give his former employer access to billions of dollars in taxpayer money with no strings attached is troubling.

Also, troubling is where the money went and where it’s going.

As predicted by many, the bank bailout did nothing to change the tone of the financial markets. They’re still in free fall and there literally is not enough money in the world to bail them out.

The final insult:

Minutes of the meetings in which the bail out billions (trillions?) are being distributed are issued to the news media with key figures blacked out.

yes about time people woke up to hats taking place and took control!

CNSNews | The U.S. stock market has lost 1,417 points–a decline of nearly $3 trillion in value — since President Bush signed into law a $700-billion financial industry bailout bill.

[ColdInsomnia]

The most confusing aspect of all, is that all of you are still working just as much as you were before. You're still getting up in the morning, working 8 hours, and going home.

The shops will still have goods in their windows. The supermarkets will still have food on their shelves. Nothing has changed. But all of a sudden, people have no buying power. At least, not the common person.

It is your time, and by extension your very life that is being devalued and abused by this system.
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Yamaha YB100 | Yamaha TZR125 | Yamaha XJ600S | Suzuki GSF600
"Our society is run by insane people for insane objectives. I think we're being run by maniacs for maniacal ends and I think I'm liable to be put away as insane for expressing that. That's what's insane about it."
John Lennon