Raise interest rates or face economic disaster

No only getting students fresh out of high school to get in debt but now the credit card companies wants to get illegals to join the ranks of credit card holders.

I just had a nice littler conversation with a friend that works for a major mortgage company perhaps the biggest lender in the US, my home is under them, he said that they have been hit bad and that they are losing money.

He is even getting his resume and try to get with his brother that works for a pharmaceutical because they are afraid of their jobs, and no only that but they believe is going to get worst.

There have been dogs, dead people and cats issued credit cards. New borns are having their idenity stolen. Well the party will end and then those responsible will be in the same soup lines as the rest of us...

Here's a new angle to consider. What will overseas currency speculators do to take advantage of our failing dollar? How will that play out in our economy? Could we be pushed in to economic collapse by overseas governments that would like to see us crash?

I have been thinking the same thing for a while Justin, but it is not in the best interest of any foreign country to make us crash, because that will affect them the same.

But they can used the power of the markets and the money that they have lend our government to maintain the economical stability mirage we have enjoyed by putting pressure on the dollar.

People have no idea how much damage markets like Asia and Europe can do to us.

All they have to do is ask for the American government to paid the bills or just deny to lend more money and there we will go.

But I think that they are now using their power over our economy.

I imagine that more attractive deals between our government and the governments that do business with the US will be use to manipulate those nations into supporting our economy.

Things has gone very wrong Justin, our nation has been sold and very soon China is going to take advantage of the sell out.

Because is not about that they are communist or have a terrible leader is about the power of the purse, our nation have a outrageous deficit we the people are in debt because of that deficit but China, EU and Asian markets have the money that we don't have.

Sad.

Very true. Seems that Blaine91555 has recently read my work, and I've got another fan. the scenario you decribe is much of what I wrote about, and it's altogether too possible.

More predictions from Greenspan, expect to see more movement tomorrow when the markets open.

"There's an insanity out there that I don't understand," he added. He called on the New York Federal Reserve Bank, which plays a crucial role in the U.S. central bank's financial settlements procedure, to stay involved or "we would face a really dangerous problem."

Full article

I'm not sure that I believe him when he says that he doesn't understand the "insanity" - he knows what's going on.

Originally posted by deessell
More predictions from Greenspan, expect to see more movement tomorrow when the markets open.

News of Big Al's speech came out around 1:15ish so it's already factored in. In fact, the markets did dip for awhile when Alan opened his mouth again.

Whats funny is, when he was running the Fed, he made all kinds of statements that never made sense. Now that he's retired, everything he says is crystal clear.

Did anyone have fun with LEND today? That was a very fun dead cat bounce and it's retracing its gains after hours.