Christopher S. Penn's Awaken Your Superhero - Latest Comments in We really are in trouble in this country. This is just the beginning of it.

Re: We really are in trouble in this country. This is just the beginning of it.

Sean Lang — Sat, 09 Aug 2008 17:47:31 -0000

FDIC is run by the government. Isn' that alone a big enough clue?

Re: We really are in trouble in this country. This is just the beginning of it.

NEENZ — Sat, 15 Dec 2007 03:57:22 -0000

It just irritated me to see homeowners walk into these subprime loans with pompous attitudes driving up an already expensive market in Hawaii. These same people are now whining and complaining looking for others to bail 'em out. I apologize for my lack of compassion, but ignorance is a choice.

Question: Is a debt-free, modest savings enough to weather through the pending storm?

Thank you.
NEENZ.

Re: We really are in trouble in this country. This is just the beginning of it.

rt way1 — Wed, 12 Dec 2007 22:08:27 -0000

What I find disgusting is that are captured media will not inform the citizens of this country as to the severity of the problems and corruption that exist in our financial markets that could affect every man, women and child as well as the pensions of seniors. When the head of the SEC and his predecessors both admit these problems exist and senators make appeals for reform on the senate floor and convicted felons explain how they did it, I think it is time for the media to stop in aiding the cover up.

Re: We really are in trouble in this country. This is just the beginning of it.

John Buehler — Wed, 12 Dec 2007 20:25:08 -0000

FDIC will never have the opportunity to kick in. The Fed knows it would fail and they can't have that, they only fund it enough to keep the doors open to provide a happy facade. The dollar will not collapse, it will fade into obscurity in a slow and painful manner. In the event of a dollar collapse who wins and who loses is a crapshoot, in a slow downward slide, only the truly wealthy can hang onto their Gold long enough for it to matter. Buy gold and hold gold, but I'm betting few of us will have the reserve power to make it to the end of this line. I wish you all well and I'll meet you at the crash site.

Re: We really are in trouble in this country. This is just the beginning of it.

mhelburn — Wed, 12 Dec 2007 20:06:48 -0000

Fiat money... fiat everything. Patrick Byrne knows what is happening and he is the most hated man on Wall Street because he is letting everyone know about the fraud and greed.

Most people don't believe that Wall Street is taking our money and giving us counterfeit shares. Instead of the money going to shareholders who invested in the company, brokers are shorting the daylights out of the market, sometimes legitimately, but often without borrowing the shares. It has taken years to get the SEC to verify that this is happening and now they publish the SHO list which lists victim companies.

We have watched as options market makers create phantom shares and abuse their exemption and the SEC is still sitting on it. The SEC put in more exemptions and grandfathered the fraud while the players worked on getting rid of the uptick rule and now we are going paperless.

The regulators have failed. First they denied a problem and then when they saw the size of the problem, they grandfathered the fraud. Is what they've done treason? If they didn't have a personal reason to inflict these terrible rules that transfer the wealth of many to a few, why did they do it?

It isn't just a credit bubble, we are dealing with fraud on a massive scale. The same people who were bundling junk mortgages, taking commissions, betting against the housing market while selling the ABS are the same ones who have selling silver short, charging storage for it and it was the customers who had to file lawsuits to get the truth.

Move cash into several insured accounts at the same place. Each account is insured.

Re: We really are in trouble in this country. This is just the beginning of it.

phillymac — Wed, 12 Dec 2007 19:40:41 -0000

FDIC probably over 10-15 years ago now, only had 1/72 of a dollar (I'm going with that, though I seem to remember it was 1/72 of a penny per dollar) in actual reserves to back your money. So, the reality is, the FDIC means nothing. Got gold?

Re: We really are in trouble in this country. This is just the beginning of it.

lenofus — Wed, 12 Dec 2007 19:31:00 -0000

Deepcapturethemovie.com

You'll need no more proof after this.

It's a pleasure to see people who can smell the coffee.

Re: We really are in trouble in this country. This is just the beginning of it.

Christopher S. Penn — Wed, 12 Dec 2007 18:52:55 -0000

FDIC is a weak guarantee. The government can choose to hyperinflate - that is, if there is a run on banks, the government will just speed up the printing presses and create more money. Its relative value in the world declines for each additional dollar created, but it's currently better than the alternative, which is an insolvent bank takes your money with it and you have no recourse.

Re: We really are in trouble in this country. This is just the beginning of it.

Justin Kownacki — Wed, 12 Dec 2007 18:48:21 -0000

But how much of a guarantee is FDIC insurance? If all aspects continue to head south, what requires these accounts to live up to their end of the bargain? Would the cash reserves even BE there for people when the bottom drops out?

Re: We really are in trouble in this country. This is just the beginning of it.

Ronald Lewis — Wed, 12 Dec 2007 18:46:41 -0000

I've been telling Americans that sky is blue for years. Americans don't care to be informed.

Most Americans aren't even aware of our worthless, fiat-based currency. Yes, troubling times are ahead indeed and it goes far beyond money.