Lots of highlights in here, the increase in debt, but what I really like here is that the politicians really scored big time on the oversight you see they were worried about Paulson having total control over the money, so they made an oversight committee that will include, Bernanke, Paulson and the SEC chairman LOL the douchebags that got us into this, the ones they were concerned about having full authority and needing oversight are going to oversee themselves..... UMMMMM that's priceless.

* The $700 billion would be disbursed in stages, with $250 billion made available immediately for the Treasury's use. Bush can authorize another 100 billion, the rest congress has to strike down by popular vote, not vote for, but vote against.

* An oversight board will be created. The board will include the Federal Reserve chairman, the Securities and Exchange Commission chairman, the Federal Home Finance Agency director and the Housing and Urban Development secretary.

When in doubt, WING IT! Now being able to read a balance sheet won't protect you from these thieves, they can legally Enron their accounting and laugh in our faces!

what a bunch of crap. this kind of stuff is why people are moving out of the country, they want to live somewhere where the govt is actually serves the people responsibly...

Most of the people leaving are people who are just followers of the Phins movement..

It's not just a "movement," it's a new nation!



Phinsland!

In 20 years it'll have a McDonalds on every corner just like everywhere else.

Well, perhaps, but the menu will include environmentally responsible choices that are easy on the budget!

didnt pass! i feel thats good.

as surprising as it is, there is a definite revolution, however minor, brewing in the background. Lots of people in all sorts of situations have the same feelings about the current state of the nation. Like i said in the other post, our nation is far off the original track that was laid down and politicians are now finally pushing people to the edge.



When terrorists attacked everyone said they awoke a sleeping giant.



The true giant isn't the US, but the people within the US. The politicians and economy and "specialists" are now awakening that same sleeping giant.



Always remember, the constitution starts "We the People"



kevin.

I lol'd for real!

No Mcdonalds, I will provide cultivation and agriculture training, you need to grow your own food.

I already make my own secret sauce!

i heard this on the radio, but is it correct that the fed is just going to print $700 billion? if thats what they are going to do, i need to find a wheelbarrow....

They aren't going to have much choice, we've been printing money against debt, debt that foreign creditors buy (in the form of tbills), China has been a large buyer of the bills allowing us to print money. As it sits now they don't want anything to do with our tbills, they are trying to unload some of what they have already. This leads to blind printing of the money, no debt added = dilution of the outstanding dollar count. This is already being done, I posted an image around here somewhere, in my blog as well. Anyhow, this bill didn't pass but it would seem the Fed went ahead and "lent" 1.25 TRILLION to financially insolvent banks. Enter the inflation I have been warning about for MONTHS AND MONTHS. Dilution of the dollar means a less valuable dollar, which means inflation. The other dollars are collapsing right along side ours and that will keep us even for a little while in some respects, but in other respects like commodities it will not.

But if everybody's dollar is in the shitter, won't that mean that the producers of goods will simply have to accept less for their products? If the economic collapse is worldwide, then we are not at a competitive disadvantage when it comes to buying goods, and we can bask in the sunshine of a worldwide depression.

That is correct, but the more important countries we buy from arent in the shitter. the euro is in the shitter, we buy very little from them. OPEC nations, most of them decoupled with a commodity backed dollar (considered to be due to export oil) these dollars are not collapsing, we buy a lot of oil. As I stated earlier, a period of deflation, then hyper-inflation. This will be when everything collapses, then countries start to fend for themselves, they start to look at fiat currencies as "risky", they will rebound much faster then us, they aren't even half as dependant on other nations goods as we are.... then the inflation starts.



The difference between this depression and the last will BE IMHO the last depression was a deflationary depression, this one will be an INflationary depression. We'll see who's right https://www.nopistons.com/forums/pub...DIR#>/wink.gif The difference is we don't make anything to deflate, we buy our goods on the open market, once we dillute our dollar to collapse you won't see our dollar holding up against the foreign currencies. The EU will collapse but recover much quicker because they produce in the Union, they could even nationalize their dollar if necessary, we cannot. We could, but there would be nothing to buy with it,.

When the other nations reject our dollar, that's when we'll see the inflation, when they demand a commodity because the USD is no longer a safe haven dollar, no longer the go to dollar. Fiat currency's never last and the USD's days are numbered.

It gets really bad when you start printing out your own Million dollar bill like hotcakes a-la Zimbabwe!

They just printed a TRILLION dollar bill.

Whose face is on it? Dubya's?

HA I dunno I don't think zimbabwe even know who dubya is.

thats kinda whst the EU is economically, they just nationalized all the currency's to the mark.... politically its just a way to get the french to do stuff....

In the long run it will be the best thing the EU nations ever did, they promote trade within the nations, they discourage trade with nations outside of the EU, the only thing they really need is a major oil producing nation to join the Union. Honestly I wouldnt be surprised to see that nation be Canada https://www.nopistons.com/forums/pub...#>/biggrin.gif

Trillion dollar bills make it easier to pay for coffee in the morning, but those 10 000 dollar bills really get annoying after a while!

I'd be game for that!!! I'd be in the rest of europe until summertime!

That's not one of my "official" predictions https://www.nopistons.com/forums/pub...#>/biggrin.gif but i would not be surprised to see it happen, it would pretty much end US imports to Canada so it will have to be after Canada has no use for the US.

So, whenever!