Congressional Leaders Stunned by Warnings

Congressional Leaders Stunned by Warnings

By DAVID M. HERSZENHORN
Published: September 19, 2008

WASHINGTON — It was a room full of people who rarely hold their tongues. But as the Fed chairman, Ben S. Bernanke, laid out the potentially devastating ramifications of the financial crisis before congressional leaders on Thursday night, there was a stunned silence at first.

Mr. Bernanke and Treasury Secretary Henry M. Paulson Jr. had made an urgent and unusual evening visit to Capitol Hill, and they were gathered around a conference table in the offices of House Speaker Nancy Pelosi.

“When you listened to him describe it you gulped," said Senator Charles E. Schumer, Democrat of New York.

As Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Banking, Housing and Urban Affairs Committee, put it Friday morning on the ABC program “Good Morning America," the congressional leaders were told “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally.”

http://www.nytimes.com/2008/09/20/wa...em&oref=slogin



" maybe days away from a complete meltdown of our financial system,"


and all these billion dollar bailouts may just be the final transfer of wealth

Like I said a line was drawn. One way or another it will be radically different going forward.

Congressional Leaders Stunned by Warnings
“When you listened to him describe it you gulped," said Senator Charles E. Schumer, Democrat of New York.

I think the fine Senator choked when his own firearms views caught in his throat again. My beagle gets more respect around here. When he barks we do listen.

Survivalists have been predicting this for quite some time. Maybe the sheeple will awaken?

Hi all first time poster.

These politicians & news folks have really been getting my goat. It's been pretty obvious a financial meltdown was coming for some time now, at least a good year and a half. Yet up until a few months ago everyone acted like everything was "going swell". Now that we're in the unavoidable middle of it they all throw their hands in the air and declare things aren't "going swell" anymore. Well welcome to reality land Mr and Mrs Politician.

The funny part is we're about bottomed out now, so the upswing will be coming soon (1yr to 1.5yrs, or less).

I'm not an expert in this stuff but I have read a little and all that.

You will know it is the bottom when 1.6 Billion Humans have starved to death. We ain't even one thousandths of the way into it. When the DOW hits 1,475 to 1,675 you will be near the bottom, If this happens it will be like an Apocalypse. It well be like hell, people should stop hoping that it happens.

I'll survive.

Quote:

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Originally Posted by hopeak

You will know it is the bottom when 1.6 Billion Humans have starved to death. We ain't even one thousandths of the way into it. When the DOW hits 1,475 to 1,675 you will be near the bottom, If this happens it will be like an Apocalypse. It well be like hell, people should stop hoping that it happens.

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Hopeak, check out a couple books titled "Left In Dark Times" by the author Bernard-Henry Levy and "Mobs, Messiahs and Markets" by William Bonner.

Philosophy and prejudices aside, they are a very good read.

Quote:

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Originally Posted by someguy1980

Hi all first time poster.

These politicians & news folks have really been getting my goat. It's been pretty obvious a financial meltdown was coming for some time now, at least a good year and a half. Yet up until a few months ago everyone acted like everything was "going swell". Now that we're in the unavoidable middle of it they all throw their hands in the air and declare things aren't "going swell" anymore. Well welcome to reality land Mr and Mrs Politician.

The funny part is we're about bottomed out now, so the upswing will be coming soon (1yr to 1.5yrs, or less).

I'm not an expert in this stuff but I have read a little and all that.

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My view for the short term forecast is that we will undergo a deepening of the economic crisis until the fluff is blown away. What fluff you say?

Almost everything that we take for granted will no longer be granted. Jobs will dissolve by the tens of thousands; goods will be harder to find including ordinary food supplies. Grain will not be used for fuel because it will be too precious. Banks will close, fortunes will be lost and the precious metals purchased for backup will be useless. (rock bottom) The line from an old Christian song says it best, "A piece of bread would buy a bag of gold." Pension funds will collapse or be diverted and securities and bonds will diminish rapidly in value. Stocks will plummet from blue chips to tech stocks. The word survival will once again take the place of success and riches as keywords in our everyday conversations as they did during the great depression.


Are you all ready?

Quote:

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Originally Posted by BraggSurvivor

Are you all ready?

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strapping myself in and keeping my hands inside the car for the duration of the ride.

You know, the title of this thread could have just been congressional leaders stunned. Didn't really need more than that.