Homestead mailing list

[william Eggers <wce1482 AT yahoo.com>]

Actually, I think you are wrong, the little banks will be gone to a large 
extent.  This is because this depression, panic, what ever you want to call 
it, is not about the mortgage crises, it really is about the consumers.  
These people, that is all of us, are running out of money and credit.  For a 
long time consumers have been living beyond their means.  Now they can no 
longer live on house apparition and a lot of credit cards are maxed out.  
Because most of business is concerned with selling to consumers, when they 
can no longer buy, we are in  a depression.  If they bail the big banks out, 
they will just get into trouble again, until they do something for the little 
guy.  That's my opinion.

--- On Sun, 9/21/08, Lynda <lurine AT softcom.net> wrote:

From: Lynda <lurine AT softcom.net>
Subject: Re: [Homestead] Buddy, can you spare $700B.
To: homestead AT lists.ibiblio.org
Date: Sunday, September 21, 2008, 1:03 PM

Well, I suppose this could be true because just like everything else (Third 
Party, Buy Local), the average dumbed down, Hummer driving, soccer mom type 
sheople don't get it.  Little local banks aren't going to fail, nor are
the 
little local owned credit unions.  They don't rely on playing with money to

survive.

Now, if everyone simply woke up and smelled Rome burning, they'd get off 
their ignorant assets and vote Third Party, buy local, dump the hummer, 
remember that legs are for walking, their kid doesn't "need" a
Blackberry or 
a cell phone, they don't "need" to buy, buy, buy and they should
be 
supporting their little local community owned bank!

Lynda
----- Original Message ----- 
From: "bob ford" <bobford79 AT yahoo.com>


I read one estimate that between 5000 - 8000 banks will fail, within the 
next five years. If true, the staistics alone are disturbing, but the result 
is frightening. Our banking system will becom even more centralized, more 
controlled by the same moronic clowns who control Wall Street and Congress 
today.

I just hope for a day when the regular working people realize that, for the 
most part, the "wizards of the universe" are not the "best and
the 
brightest", they are simply the best connected and least scrupulous.

If these crass people can keep their ill-gotten gains, upon the tax-paying 
back of people who actually do physical work, in the heat, the cold , and 
the rain, then, i don't see any brightness in the future of our country, 
unless it is the light of well placed fires, lit bit highly principled young 
people. ....bobford



----- Original Message ----
From: "Clansgian AT wmconnect.com" <Clansgian AT wmconnect.com>
To: homestead AT lists.ibiblio.org
Sent: Sunday, September 21, 2008 4:29:48 AM
Subject: [Homestead] Buddy, can you spare $700B.

As of this week you will be living in a different country.

The bailout of the mortgage industy, the 'don't want to discuss
anything so
insignificant as the housing bubble', the 'ain' making any more
land -
recovery is just around the corner - never been a better time to buy' 
industry,
contains the following, these are quotes from the proposed legislation:


"TheSecretary's authority to purchase mortgage-related assets under
thisAct
shall be limited to 700,000,000,000 dollars outstanding at any one time"

(That is, it isn't a $700B bailout, that's just the amount that can be
outstanding at one time. This bill authorizes the treasury to spend an 
unlimited
amount of money)

"The Secretaryis authorized to take such actions as the Secretary deems
necessary tocarry out the authorities in this Act, including, WITHOUT 
LIMITATION"

""Designating financial institutions as financial agents of the
Government,and they shall perform all such reasonable duties related to this 
Actas
financial agents of the Government as may be required of them"

(That is, the Sec. of Treasury can appoint any of his banking buddies as
deputies and they can have the same authority and impunity as he has)

"Sale of Mortgage-Related Assets. The Secretary may, at any time, upon
terms
and conditions and at prices determined by the Secretary,sell, or enter into
securities loans, repurchase transactions or otherfinancial transactions in
regard to, any mortgage-related assetpurchased under this Act."

(That is, the Sec of Treasury can buy worthless assets from his buddies for
the full face value and then sell them for five cents on the dollar and the 
US
taxpayer picks up the tab for the difference).

And this is the clincher:

"Decisions by the Secretary pursuant to the authority of this Act are
non-reviewable and committed to agency discretion, and may not be reviewed 
by any
court of law or any administrative agency"

Nobody, not even God, can regulate or oversee the Secretary of the Treasury,
not the courts, congress, nobody. It makes the Secretary of the Treasury the
dictator and emperor of the country. </HTML>
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>From mmcharry AT gmail.com  Sun Sep 21 14:44:33 2008
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On Sun, Sep 21, 2008 at 1:23 PM, Lynda <lurine AT softcom.net> wrote:
>
> When I asked my mother about the Depression (born in 1928), she gave me a
> puzzled look.  I asked about doing without and all the stuff you read about
> in the history books.  She said that was stuff that happened in other
> places, big cities and "citified" people.  She said nothing changed for most
> folks in our part of the world.

That was true throughout rural America. My mother, born in 1918 on the
day that WWI ended, had no idea how bad the Depression was for many
people until she went away to school and found out that many of her
classmates (she first went to a state normal school) came from homes
where food wasn't sometimes not available every day. One girl, for
example, told her about a train car full of great northern beans going
off the tracks and breaking open and how it had helped many people get
through.

In the 1930s the US still had a large rural population, and all those
rural folks produced much of their food. Now, of course, only a tiny
percentage of the population is rural, and plenty of farmers don't
have any animals or even a garden...or even a few tomato plants. I
expect that will change.

The little town I live close to -- population ~500 -- has plenty of
gardens, some of them amazing, but the city of Springfield doesn't.
Most of those people might as well be in Chicago for all the food they
produce for themselves. The current financial disruption is going to
look a whole lot different from the Great Depression.

Marie