"With all due respect Mr. President, Tim Geithner and Ben Bernanke are offering the same policies as President Bush and Secretary Paulson. Those policies are to bail out banks regardless of cost to taxpayers. Mr. President, it's hard enough to overlook Geithner's tax indiscretions. Mr. President, it is harder still. if not impossible, to ignore the fact that neither Geithner nor Bernanke saw this coming. Yet amazingly they are both cock sure of the solution. Even more amazing is the fact that solution changes every day."Indeed.
The reasoning by the central bankers, who are, after all, bankers, is that whatever is bad for bankers is bad for America.
They say that if the big banks fail, there will be no more credit.
And so they are going to buy all the bad assets.
You just watch.
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© 2005-2008 Stephen Clarke-Willson, Ph.D. - All Rights Reserved.
So what are you doing in the event of the demise of the banks? Are you going to gold? Are you stocking up on savings bonds?
ReplyDeleteI don't know what is going to happen or when! I think the stock market is going to tank and then rebound once killer inflation kicks in. But when? Who knows? I think the best thing is to simply be as diversified as possible.
ReplyDeleteBut ... I think paper gold is a mistake. Just saying...