abolish the Federal Reserve?

Quote from Covertibility:

Don't take this site too seriously especially when you see people claim that driving a taxi is an honorable job or that Smart Serious Sellers must price their homes below what all the other homes are listed at. Throw in the Ron Paul zealots, the O'Reilly fans, etc... this site serves as nice entertainment.
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if you think inflation is fine, there's no need to shit on taxi drivers to make your point :) i mean, i'm entertained, but i don't really get what you're trying to say about honor

are you saying honor is a function of income? can i purchase it somewhere?

my advice to the guy you were responding to would be, attempt to take peoples interpretation of the market in the context of their personal values
 
Quote from Avid_Consumer:


more generally i think usury means paying an exorbitant fee for the use of money. interest is one cost of money, inflation is too. if you wish to keep money, you're paying the rate of inflation to do so.
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True. Real wages of course go down. But if you're smart enough to get a fixed loan, then you've got your mortgage flat for 30 years as well, but I get your point about real wages...
 
If Bernanke had really done his job he would not even have cut the discount rate, he would have told the Wall St banks that money was available for those that needed it, but at a penalty rate, not at rates that would allow a fat margin. If he/Fed are not going to do their job then why have them? Cutting rates to allow upward revaluation of near worthless mortgage bonds so that a few banks and hedge funds could avoid declaring technical insolvency at the expense eof everyone else is government by the Corporations for the Corporations. Is that what America's founding fathers had in mind?
 
Quote from ShoeshineBoy:

True. Real wages of course go down. But if you're smart enough to get a fixed loan, then you've got your mortgage flat for 30 years as well, but I get your point about real wages...
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you're totally right about the practical solution to these conditions.

i just resent the embedded incentive to borrow and consume rather than save in the traditional sense, transferring value/wealth from those who choose not to participate (or can't) to those who do

naturally in a free market there will be times when certain assets are moving a lot and it's financially prudent to participate, but i don't think there should be a long term political bias in our monetary and fiscal policy toward any sort of compulsory act of consumption, indebtedness etc in order to realize the full value of your income, especially one that's not available to such a wide swath of the population. it's a massive regressive tax

it's really interesting that this has become a somewhat radical position. to the best of my knowledge these are core original american values
 
Quote from crgarcia:

Abolish the Fed?

No way you commies!
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this is especially cute since we're talking about the reduction of wealth redistribution

lol

i should add to above - compulsory act of speculation.
 
Quote from ShoeshineBoy:

Why would an individual attack someone weak and stupid? Imo my opinion that makes that individual more of a lowlife than the weak and stupid people...

Who would be impressed with an IFC guy that went into the ring with a 80 year old woman or a 6 year old boy?
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first off I was talking about the videos and stated that even if true it's not something I would want to be upset about, second look at it this way; it's completely natural for those with strength to take advantage of the weak. Why, would you ever call a wolf, weak and stupid, for ripping off the flesh of weak animals? You are acting like a sacred teacher or something, why not post the golden rule here, oh here I'll do it for you; "don't do to others what you wouldn't want them to do to you", but really you know that is bullshit, come on where the fuck did that come from, those are only taught to tame the weak minded, stupid teachings like that have always been used against the average human, such teachings are not within the human nature and so could be assumed that they came out of someones ass.

Last but not least, it's not important if people will be impressed with an IFC guy killing a 80 year old, so long as he gets something from it. In life you calculate the costs, you do the math, you see if your action is worth it or not, if it is, then do it, whatever it is, even if it doesn't impress anyone, unless you put the most weight and value on impressing others, hoping you will become britney spears.
 
For those of you that don't know, the Supreme Court ruled the Federal Reserve unconstitional in the early 1900's but not that anyone in the GOV. cares to listen to anything they don't approve of.
 
Quote from ShoeshineBoy:

I reread your post and I agree with you to a certain extent. I actually think it's a very dysfunctional relationship. It's like looking at a family where the husband is a control freak and takes advantage of the wife who gives into everything he says. Who is more right? wrong? Well, they both are in their own way.
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this describes very fittingly the poisonous four ways relation in among the govt, congress, special interest groups and the money masters.

But when you say 'usury', you remind me of practices a hundred or more years ago and modern day America is nothing like that. Any of these individuals could rent a nice house and save up for a deposit just like the rest of us. They are not being forced to live in a slum and pay interest on their food and utilities. So I'm sorry, but I think you're going too far with the 'usury' comparison...
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strawman... on a theme often heighten by the sheep down in p&r to promote the ignorant view that those vociferously condemning the fed can only be envious losers lamenting their lack of success and wealth....for it, if only they knew....

if only you saw how big the holes in your pockets because of the Usurpers...

ridiculous your assertion that because folks are not starving as consequences of the bankers boundless greed than it's ok to rob them `and what individual in particular are you talking about? whether you are filthy rich or gutlessly poor makes it no more right or less wrong' it's fkin always wrong full stop.
 
Quote from myminitrading:

You guys are missing one of the real issues with our banking system. It's call fractional reserve banking, thats one of the problems. The ability to loan out 10 times what you have in deposits. Thats fractional reserve banking.

So that 8.00% loan you get and think wow thats a great rate, is really 80.00% to that bank.

You deposit $5000.00 the bank can loan out $50,000. And what do you get for your $5000.00?????????

What a racket!
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bank of (A) has $450,000

bank of (A) loans out 450K to ten home purchasers who have put down 50K

after a few months, the home owners are incapable of paying the mortgage

bank of (A) sells all ten houses at 450K

buyers loose their 50K

bank of (A) earns 4.5Million through all sells (net profit $4 Million)

bank of (A) now loans out $45 Million (10 x 4.5 Million) to 100 people who want to purchase a home

am I missing something?
 
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