Where are you now?
This week the stock market is scheduled to collapse. Wachovia and National City banks are due to collapse. Over 100 banks are expected to collapse in the next few months.
Your money is probably very unsafe, your pensions, your social security and yet no one really seems to realize that it’s all about to come crumbling down…
From Paul Krugman to Kramer and Kudlow…that’s what they are saying. It’s not what I’m saying. It’s what they are saying.
There may be as few a 5 banks left. Citigroup, Bank of America, Chase are three of those. They will buy the smaller banks in league with the government. That will undoubtedly fail. They have been chosen by the government to be treated preferentially.
PUT YOUR MONEY IN THOSE BANKS…for your own good. All other banks may fail.
Yet the news, especially the “progressive” news is largely focused on an election that will become more and more meaningless as these events begin to unfold in the very immediate future.
It will be an election of symbolic value only. It’s far too late now, and it’s been far too late for several years.
That election might have to be put off.
It amazes me how so many people are focused on anything else but the giant wave of economic destruction that is about to engulf YOU.
It doesn’t matter whether you have any money or no money. The effect will be overwhelming for everybody.
5 banks have been chosen by the government to buy failing banks. JP Morgan Chase, Citigroup and Bank of America are three of those. The government will use the bail out money to give to these 5 banks to use to buy failing banks in the hopes that it will stop the flight of capital.
I don’t see how it could work. But what do I know? Probably a lot more than I want to admit to myself.
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…and decide not to give a shit, you might come to the view that life will go on. And there is no reason it has to be worse than what we have now.
If you haven’t noticed the plethora of essays focusing on economics here or elsewhere, I’m pretty positive its because you don’t bother to look…or bother to read them when they are right in front of you.
Do you gain much relief beating that straw man?
I’m not relying on this government to do ANYTHING in “my best interest” anymore, and that includes selecting which banks will survive this.
The bailout is not only a wholesale looting of the Treasury, it’s NOT ACTUALLY GOING TO FIX THE PROBLEM.
I’d take Thom Hartmann’s advice. Buy gold.
As well as dry goods, water, batteries and ammunition.