US Government ownership of banks leads to ......

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FastRope71
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Joined: Mon Aug 18, 2008 10:56 pm

US Government ownership of banks leads to ......

Post by FastRope71 »

Debtor prisons being reinstated and possibly executions.

Yeah, I know I've got my tinfoil hat on a little tight this morning. I haven't thought this one through very well, so feel free to tell me that I'm full of stinky stuff (just be sure to explain why).

If the Gov buys up banks and large shares of banks that are collapsing due to bad debt, they are going to want to reclaim that money. Anyone who has been in the Military knows that the government is slow to pay a debt they owe, but will leave you penniless if the mistake being corrected favored you.

What does the government do when they aren't getting money they feel you should be paying them?

Ask Randy Weaver, David Koresh (or any of other member of the Branch Davidian church).

In both cases the affected were accused originally of not paying NFA taxes. For the princely sum of $5 :shock: , Randy weaver lost a son and his wife. David Koresch and the Branch Davidians were shot, burned, and/or gassed over $200 (though the arguement could be made that it was suspected that there were several instances of that tax not being payed).

Neither of those cases comes close to the average mortgage debt, or the multiple tens of thousands many families owe on business, student, or car loans and credit cards with principle amounts in the tens of thousands of dollars.

What lies will the American public hear about you before they burn your house down, or shoot you in the dead of night while executing a no knock warrant (blank) signed off by a federal judge?

When pondering the finalization of the plan to buy up the bad debt, I hear the words of some Brit Parliament head of days gone by, "Best not". Indeed.

What do you have to say about it?
If you are unwilling to give another man freedom in his life, do not expect to have it in your own.
It surely beats trying to figure out what the metrosexuals want ( a good hard kick in the nuts in my opinion, but that won't sell ice cream :D )- Highspeed
MarkD
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Re: US Government ownership of banks leads to ......

Post by MarkD »

I think government taking over ANY private enterprise is a bad idea, and I have history to back me up. Ask any student of American Railroads how well the USRA did running the railroads during World War I. (For the record, when we got into an even bigger conflict a few years later, requiring even more people and stuff to be transported to both coasts, the government (wisely for a change) decided to let people who were accustomed to running railroads for profit continue to do so, it seems they knew better how to run railroads efficiently than the government did.
drice

Re: US Government ownership of banks leads to ......

Post by drice »

Yes. "Best Not" is the best advice.

I was listening to Glen Beck this morning, and I agree with everything he was saying.

We are not financing this debt. We are printing money to buy out the debt. Plus all the "economic stimulus" bulls**t that's been put into the bill, like another $150B couldn't hurt at this point.

It will lead to run-away inflation.

Next year, we'll have to bail out the auto-mfr's.

The year after, we'll be bailing out the airlines.

Pretty soon, the .gov will own the banking industry, auto industry, airline industry, etc...

Sounds like China, or USSR, to me.
chrisb

Re: US Government ownership of banks leads to ......

Post by chrisb »

We have already had bailouts for the autos and the airlines.
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Erik
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Re: US Government ownership of banks leads to ......

Post by Erik »

The Gov wont go after the money, and use force if they dont get it. Think of it as a loan shark, it's bad business to hurt the debtors too bad, then they cant pay back.
But if they owe you money you can squeeze them hard, and make them do whatever you want. And if there's someone you dont like, you can always use them as an example for the others.

For a government, it's much more convenient to have their citizens in debt than it is to collect that debt. If they're in debt, they dont have any financial choices, and you can pretty much force them to do what you want. Decide which schools their kids should go to, what jobs they should take, where they should live, where their grandparents should spend their last days. Make the debt burdon so high that they will need different subsidies from the Government just to make do, and you can guarantee they will vote for you next time too, just to make sure they keep getting the subsidies they now rely on to be able to pay their taxes and debt. (If not, byebye subsidies, hello debt collectors/IRS)
If someone doesn't want to play nice and get with the program, just go after them and use them as an example. That will keep the others in line, and make sure they dont speak up and cause any waves.

If you think this sounds paranoid, you havent lived in a so called "welfare state".
"Life is tough, but it's tougher if you're stupid."
John Wayne
drice

Re: US Government ownership of banks leads to ......

Post by drice »

chrisb wrote:We have already had bailouts for the autos and the airlines.
Yes, but I don't just mean bail-out, I mean "nationalization". The .gov has, in the last 2 months completely taken over the mortgage industry. It is now owned by the government. That's a precedent that I'm not expecting to be turned around.

The next time we bail out an airline or an auto-mfr, I expect the .gov to take it over. They do know better after all.
Precision
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Re: US Government ownership of banks leads to ......

Post by Precision »

The .gov will not be ruthless in collections of payments on main street and that is all most of the sheeple care about.

My Pollyanna dream is that the government takes ownership of pieces of these institutions as a collateral hedge (but as a silent partner). Once the crisis passes and the people (who should) know what they are doing, return the institutions to profitability, then the government will begin selling off their shares of the company (gradually) back into the market. Hopefully profiting and putting that money to good use, like buying a new fleet of jeep carriers or once and for all getting rid of the 5.56 and replacing it with something decent.

What will probably happen is more and more regulation will be FORCED on the institutions as a carrot to get ownership back in private hands and in 20 years, we will have an even WORSE debacle.
"Those who hammer their guns into plows will plow for those who do not." ~Thomas Jefferson
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Scott Free
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Re: US Government ownership of banks leads to ......

Post by Scott Free »

What do you have to say about it?
I say, what did you expect with an economy based on paper money? This is a surprise?

[Bows to let Termite in the door that he just opened... ;) Incommmmiiiiinggg...]
Reality is that which, when you stop believing in it, doesn’t go away.- Philip K. Dick

It’s Ayn Rand’s world, we’re just living in it. -- Glenn Reynolds
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FastRope71
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Re: US Government ownership of banks leads to ......

Post by FastRope71 »

Lol, That's okay, we haven't had that discussion in awhile. Lots of new guys to educate.
If you are unwilling to give another man freedom in his life, do not expect to have it in your own.
It surely beats trying to figure out what the metrosexuals want ( a good hard kick in the nuts in my opinion, but that won't sell ice cream :D )- Highspeed
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Termite
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Re: US Government ownership of banks leads to ......

Post by Termite »

Scott Free wrote:
What do you have to say about it?
I say, what did you expect with an economy based on paper money? This is a surprise?

[Bows to let Termite in the door that he just opened... ;) Incommmmiiiiinggg...]
Gaaack!!! :shock:

A couple days heads up would have been appreciated before you threw my ass out onto the stage.......
I'm at work, and my best resource material is at home. Give me a few days.

Besides, the home mortgage crisis was due to fiscal irresponsibility with ANY type of money, and exotic/toxic paper and derivatives.
"Life is a bitch. Shit happens. Adapt, improvise, and overcome. Acknowledge it, and move on."
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