Lehman Brothers Close To Collapse - US Chapter 11 insolvency procedures starting

Some of the oldest and largest banking houses are failing and yet McCain says the economy is fundamentally sound.

He has been hanging around bush minor too long and has developed a bad case of reality aversion.

Originally posted by dunwichwitch
Wasn't there a guy who posted on here a few months ago... maybe it was the guy taking pictures of these odd graphs on his computer screen. something about the time wave or something. I swer it was probably that guy who was saying the stock market would crash in Sept 08...

It was either him or... oh wait I think it was ACTUALLY Benjamin Fulford. Look at this I just found out of pure dumb blind luck:

Bejamin Fulform on Looming US Bankruptcy

This isn't the statement I'm talking about, but regarding Sept... looks like Benjamin Fulford is concerned. I have always believed this guy... and wow, I'm a little speechless because I think he called it POSSIBLY.

Edit to add: "possibly" at the end.


[edit on 15-9-2008 by dunwichwitch]

Right here..

www.abovetopsecret.com...'

More interesting Fulford info I've found relating to this 'event':

an mp3 interview:

Fulford Interview

reply to post by James23


Okay.... this is kind of crazy!!!!

Oh man.... anybody asking for a conspiracy theory/prediction coming true???

This may be it.

Thank you, James. I'm seriously jolted now, you almost too helpful son of a gun!

People, people.

Partisan static is irrelevant. All the so-called leaders and representatives of our nation have been complicit in the active denial of the state of our nation. Few would mention the Fed and its monopoly on American wealth for a century. Most Americans STILL TO THIS DAY think the Fed is a governmental body run by, and subject to, laws 'we' enact through our representatives!


Please understand, that this 'collapsing trend' is a move to consolidate wealth. The money went somewhere didn't it? Where did it all go? Umm.....

You think that the piddly politician puppets are even capable of understanding the problem? These are just elite socialites saying what they are told to say by the political leadership.

There is a malevolent agenda here, because they believe that with the help of a corporate media they can convince us to accept their take on reality. Democrats seem to think the more we suffer economically the more likely they will take the presidency, while the Republicans think that the more fearful and threatened we feel the more likely it is that they will keep it.

Isn't it nice to see them playing the game at our expense. And that IS what it is to them, a game. None of them suffer the consequences, I promise you.

Meanwhile Americans are having to cope with their BS.

[edit on 15-9-2008 by Maxmars]

Sarbanes-Oxley - wooo hooo!! Patriot Act - more woo hoo!!

I sure hope that in 20 years when my kids are trying to work in this great country (I do still think the USA is great) - they can work for firms that offer some semblance of what our founding fathers were hoping for.

I'm thinking the best thing to do would be to have someone establish a Ron Paul University to provide proper training for future leaders of this country. MBAs and Lawyers sure have messed things up so far.

Originally posted by TruthWithin
reply to post by aravoth

 

Understand the topic? DNC regurgitation? Are you kidding me?

Do you remember back in 2004 when one of the major platforms Bush ran on was the fact that "American Home ownership" is at an all time high, and all Americans should be able to own a home".

Well, he got his wish. Due to historic DEregulation, by a REPUBLICAN congress and REPUBLICAN White House, the chickens are coming home to roost.

You see, all of those bogus mortgages that people were so easily able to attain were bought up in record numbers by firms like Lehman, Merrill and others. Heard of little institutions like Fannie and Freddie? Right...

So don't sit there and tell me I don't know anything about the topic. A little introspection would serve you well.

As a result, the so called "free market" capitalism that the conservatives have toted since the Regan administration has completely become a "socialized" form of monetary system.

LET ME REPEAT - the Republicans have forced the free market into a socialistic financial system where companies can run themselves into the ground by ripping off Americans and then TAX the same Americans they ripped off to foot the bill while the CEO's and shareholders put cash in the bank.

For shame...

[edit on 15-9-2008 by TruthWithin]

The Republicans didn't set the interest rate to near 2% avg. for the last 2 decades. And Democrats have had control of congress outright, for 2 years. Don't toss Fannie and Freddie out like they are creations of a free market, FDR created both of them, ever hear of the "New Deal"? Democrats love to talk about how wonderful that stupid idea was.

And for the record, we've had a socialistic system ever since 1913 when Woodrow Wilson (a democrat) brought the Federal Reserve Act into law. Chickens coming home to roost indeed.

You really think this is a deregulated free market? Really? A central Bank sets the interest Rate, determines the amount of money in the system, and sets the value of your currency. You call that un-regulated?

The Government sends out "stimulus checks" (something the dems and reps want to do again) to prop up the economy, and you call that un-regulated?

Regulated Free Trade deals all over the place, and you think this market is free..........

This avalanche started way before the bush administration. If you can't understand that, and you want to turn this into a partisan political issue, go right ahead, I hope it makes you feel better and gets your side all "riled" up just in time for the election. For people more firmly grounded in reality though, it's not as simple as dem vs. rep. I wish it was.

Uh, right now as I watch the stock ticker, I see that the market experienced a dramatic downward turn at open, and has been slowly recouping its losses since. This isn't "the Big Crash" the chicken littles have been praying for in hopes they stop looking foolish with their doom & gloom. Oil's dropped over 5%, food prices are coming down, and the rest of the turmoil from early summer is balancing out.

The same people in this thread predicting "The next great depression" and saying this is how it begins are the same posters who were saying months ago that the Dow would be below 7,000 by the end of August... To be as nice as possible, their predictions were just a bit off. If any of these doomsayers had even a fraction of the financial predictive powers they claim, they'd be far too busy counting their millions to find the time to make those nice little Youtube videos & post their little blogs about how the end is nigh!

Black Monday deja vu, tomorrow the fed are expected to lower again the interest rates.

While we have a present administration trying to keep the bad news of the amazing debt in this nation that is collapsing the financial institutions I am afraid that they can not longer be able to stop the tidal wave that is hitting us right now.

Our nation is in financial crisis and all Washington is doing is covering it up because elections.

This meltdown has been going on for almost a year and is not over yet.

reply to post by TruthWithin


And another thing, if you wanna point fingers at people in power, with all your partisan BS you are spewing around here, How about you point the blame at the people in Government who shoulder the burden?

You can Start with Congressman Barney Frank, a democrat from Massachusetts, He's the Chair of the House Financial Services Committee. Just in case you're not sure what that job entails...

"The United States House Committee on Financial Services (or House Banking Committee) oversees the entire financial services industry, including the securities, insurance, banking, and housing industries. The Committee also oversees the work of the Federal Reserve, the United States Department of the Treasury, the U.S. Securities and Exchange Commission, and other financial services regulators."

Then you can add Conneticut Senator Chris Dodd, also a democrat. Who is the Chair of the Senate Banking comittee. You might remember when he tried to portray himself as a hero by proposing a bailout to save countrywide. But then it was discovered that he had several Mortages with countrywide, all below normal market rates. He also got a ton of money in campaign cash from countrywide, and from Bank of America.

And yet through all this crap, these guys, and every other "team Playing" democrat, will blame Goerge Bush. And they'll keep blaming George bush as long as it works.

Congress has the power of the Pocket book. And it has been in Democratic hands for a long time now.

Oh yeah, but its the Republicans that are in bed with big business right?

Republicans are the ones who do special favors for thier business buddies, not Democrats, they are the good guys. They are going to Save the World!




[edit on 15-9-2008 by aravoth]

Originally posted by aravoth

The Republicans didn't set the interest rate to near 2% avg. for the last 2 decades. And Democrats have had control of congress outright, for 2 years. Don't toss Fannie and Freddie out like they are creations of a free market, FDR created both of them, ever hear of the "New Deal"? Democrats love to talk about how wonderful that stupid idea was.

You're right! They lowered it to 1%.

You might want to check your facts...




Name ONE piece of financial legislation that the Dems have pushed through that hasn't been filabustered or vetoed?

reply to post by burdman30ott6


You do understand that inflation means prices will rise up as their is more money in the system right? When you have all this inflation and the stock prices are still dropping then you are losing much more in actual value.

Lets say you have a total of $100 in the economy. Lets says there are a total of 10 apples you can buy. Supply and demand states that each apple has a value of $10 each. If you own $10 of the $100 total in the economy, then you own 10% of the entire wealth. You can buy 1 apple with your wealth.

Now then, add in the federal reserve. They come in and create another $100 out of thin air and give it to the corporations they loan the money too. Now there is $200 in the economy, but still only 10 apples. Supply and demand states that each apple is now worth $20 each. Your $10 has changed from 10% of the wealth, to only 5% of the wealth. You can now only buy 1/2 an apple.

That is inflation. What happened is you just had half your wealth STOLEN from you. Yeah, you still have $10, and if you are dumb you will say - what are you talking about, I still have my $10, nobody stole anything from me. But when you look at your purchasing power, you've lost half your wealth.

Those stock prices are just doing the same thing the apple prices do in this inflation.

And this is not even mentioning the fact that we have to pay that $100 the fed created back(national debt) + interest. Interest which they do not print the money up for. So they end up getting the $100 back, plus part of the original $100.

This is the transfer of wealth in this country. Looking at the stock market prices, rather than the value is going to give you a false understanding of what is happening.

As long as they keep adding money into the system(more inflation) people will be able to use the newly created money to keep up. This however lowers the value of the dollar(increasing the prices) and eventually it has to stop. Then comes deflation. And when deflation sets in, then it's a mad scramble to pay that interest and money back, except there is never enough money in the system to actually do that(because the interest money is never created). And that is when the bankruptcies/recession start to kick in.

The people who took out the loans are then dealing with increasing costs at the same time, and they can't afford to pay it back. So they themselves go bankrupt and then whoever is left with cash comes in and buys things up for cheap. Just like they did after the great depression. Then the economy picks up again after, and these same people then resell them at full price + interest.

This is a very simplistic example, but hopefully it gets the point across.

reply to post by burdman30ott6


Doom and gloom is what you get when you trust in monopoly money and corporations posing as governments. But sure, I guess it's okay if you think being this kind of mental slave is fine. Maybe some of us ARE hoping it happens soon, just so the majority can see things stripped of their shiny facade and for what they really are. A big giant lie. Just because people are crazy as a loon in this type of existence right now. They gotta snap out and get tired of generation after generation of the same bull crap. It's gotta happen sometime, man. You want it to continue to be stalled and stalled until it happens 5 years from now and they decide "Ah hell we'll just nuke the poor out of the way."? At least if the system crashes now, it can be rebooted with a new operating platform... instead of being damaged to the point of no return.

The system really needs to change, yet I doubt this Credit crunch will help do that. Banks and Fed/equivalent have short memories and soon they will be saying everything is fine again.

Fed needs to be abolished, and these Banks which have done bad deals should be allowed to go under, maybe wake people up to the flaws of the system.

reply to post by TruthWithin


And you might want to look a little deeper into history, rather than distrubute hand picked statistics to support your personal conclusions.




Like I said, you can't have a rate that low, for that long, and think nothing will come of this. Democrats, and Clinton have the same amount of blame for the current admin.

[edit on 15-9-2008 by aravoth]

Damn, I saw this headline on ATS all weekend but I never bothered opening it.... I should have, could have doubled my money easily shorting LEH.

reply to post by aravoth


I didn't hand pick. I showed factual data to rebut an erroneous statement you made.

I can't even read your chart.

Ok, so how is the market doing right now? Are prices staying fairly stable or are they dropping? Also, can anyone point me to a good site with a market tracker that is easy to understand. Thanks in advance.

Originally posted by aravoth
reply to post by TruthWithin

 

And you might want to look a little deeper into history, rather than distrubute hand picked statistics to support your personal conclusions.




Like I said, you can't have a rate that low, for that long, and think nothing will come of this. Democrats, and Clinton have the same amount of blame for the current admin.

[edit on 15-9-2008 by aravoth]

Actually aravoth the recent crisis we have had have been under Republican watches. Look at the S & L Crisis and the one in the early 80s and early party of the 90s. All on Republican watches. Now Im not putting this on them because it truly is BOTH of the 2 party crime family who allows this. Maybe its just a coincidence.

reply to post by TruthWithin


I figured you couldn't, looks like you can't read a paragraph either. I said 2% avg over 2 decades, and you pull out a chart showing prime rate cuts over a period of 1 year.

Wow, you really got me there.