Lets see if I have this straight in my mind.. Bear Stearns is an investment
bank.. not a bank, so they cannot borrow money from the Fed.
JP Morgan-Chase is a bank.. so JP borrowed 15 bil and change from the NY
Fed and loaned it to Bare nekid because it's " too big to fail".
Translation.. when there is $ 550 trillion dollars in funny money (
derivitives) in play out there in the great game, us good ole boys need to
stick together of somebody's gonna thinks wez a bunch of crooks.
Richard
The USA has operated under the Keynesian economic model since FDR. This
model ,as in all pyramid schemes, anticipates a sustained gravy train
with biscuit wheels economy where everything purchased yesterday will be
paid for in tomorrows dollars.... well.. err.. until.. there is no
tomorrow.
Thomas wrote,
It's the mother of all pyramid schemes. John Kenneth Galbraith was a
student of John Maynard Keynes, and a member of ,That Awful Man in the
White House's brain trust. Someone pointed out that his economic ideas
wouldn't work in the long run. Galbraith's reply was, "in the long run we
will all be dead." Galbraith died a few months back, his scheme out lived
him.
The deterioration of the US economy is following an exponential curve.
With the rejection of the US dollar by oil producing countries, this
deterioration has now gone into the straight up portion of the curve. It
has been prophecized that a new source of energy will emerge in the next 5
months, which will allow America to balance it's trade deficit. Yah, Yah,
and my pig plays the flute.
