[Quinny]

What riles me is your belief that the US has somehow 'supported' the rest of the world and been put on where the reverse is true. This leads to the justification of the use of military might to control resources because the US somehow 'deserves' it.

The US is resource rich in terms of survival, but not if you want to continue a Las Vegas lifestyle, (unless you consider a living in the drains lifestyle).

A Transition government that truthfully addressed the issue of resource shortages would be a start, but unfortunately they would probably never be (re)-elected.

[timmac]

$this->bbcode_second_pass_quote('Quinny', '
')
The US is resource rich in terms of survival, but not if you want to continue a Las Vegas lifestyle, (unless you consider a living in the drains lifestyle).

[JJ]

$this->bbcode_second_pass_quote('timmac', '')$this->bbcode_second_pass_quote('Quinny', '
')
The US is resource rich in terms of survival, but not if you want to continue a Las Vegas lifestyle, (unless you consider a living in the drains lifestyle).

[SeaGypsy]

What if Obama Presides over the institutuion of the Amero? Would that count as Change? What if the USG decides to gazump China or the rest of the world and dump the dollar itself?

[Revi]

I think that the new currency is Special Drawing Rights, issued by the International Monetary Fund, and it's already here.

http://www.imf.org/external/np/exr/facts/sdr.HTM

[Quinny]

An oft repeated mantra is the requirement for the government to be run like a profitable business. In my experience working with successful business people on public sector bodies they soon realise they have a totally different set of parameters to work with when running a government than when running a private company.

When I was in charge of a DLO (Direct Labour Organisation) we could have bankrupted local contractors (despite them paying lower wages to their staff) easily because of economies of scale and superior technology, but it would obviously not have been the right thing to do.

If you are the MD of a business that doesn't have enough work you have the tough decision to make to lay people off - what does the leader of a country do in a similar situation?$this->bbcode_second_pass_quote('timmac', 'T')hat's why we need to stop where we are now and make that big leap,, our country has been ran by politicians that were only looking out to line their own pockets and to be in the history books as if they did somthing right for our government,, what our government needs is a leader and congress that knows how to run a large well oiled business and knows how to make a profit, but no we have had the opposite for to many years now and we are in serious debt, --snip--.

[timmac]

$this->bbcode_second_pass_quote('JJ', 'e')xcuse me, but didn't the sheeple just elect a politician who promised CHANGE CHANGE CHANGE???? I imagine that many of the voters thought they were voting for CHANGE...(and not socialist/communist change, either..) there will be no change..

[Quinny]

Ross Perot. LMAO

Corporate capitalism is so heavily entrenched in your psyche, do you have daily prayers to Wall St. that other big Casino?

[VMarcHart]

$this->bbcode_second_pass_quote('pstarr', '.')..consumer gun-stockpiling...

[Revi]

I sometimes wish I didn't know anything about what's going on. Then we would be borrowing money to go on those cruises too. It seems like things are in a very brief normal spell right now, but soon when the FDIC goes broke we'll see a tipping towards disaster for most people. The rich all have their money in things like Special Drawing Rights. Us peons have relied on the banks to take care of our money. That may be a bad strategy soon.

I would love to put my money in an old fashioned bank that has a vault with an equal value of silver and gold to the amount I put in, or even 10% of that, like old fractional reserve banking. Is there any such thing? It would be a great place to put retirement, etc.

There is the Lakota Bank, but they don't have branches near here.

http://freelakotabank.com/

[eXpat]

FDIC Discloses Deposit Insurance Fund Is Now Negative
$this->bbcode_second_pass_quote('', 'I')n an unprecedented disclosure, the FDIC has highlighted that it expects the DIF reserve ratio to be negative as of September 30. As there are a whopping 48 hours before that deadline, one can safely assume that the DIF is now well into negative territory: as of today depositors have no insurance courtesy of a banking system that has leeched out all the capital of the Federal Deposit Insurance Corporation. Let's pray there is no run on the bank soon.

Pursuant to these requirements, staff estimates that both the Fund balance and the reserve ratio as of September 30, 2009, will be negative. This reflects, in part, an increase in provisioning for anticipated failures. In contrast, cash and marketable securities available to resolve failed institutions remain positive.

Additionally, the FDIC has now raised its expectation for bank failure costs from $70 billion $100 billion. Feel free to expect this number to continue growing.

Staff has also projected the Fund balance and reserve ratio for each quarter over the next several years using the most recently available information on expected failures and loss rates and statistical analyses of trends in CAMELS downgrades, failure rates and loss rates. Staff projects that, over the period 2009 through 2013, the Fund could incur approximately $100 billion in failure costs. Staff projects that most of these costs will occur in 2009 and 2010. Approximately $25 billion of the $100 billion amount has already been incurred in failure costs so far in 2009. Staff projects that most of these costs will occur in 2009 and 2010.

[timmac]

Has anyone here had to deal with the FDIC on getting your $$ after the bank shut down, how long did you have to wait ?,

I am now in the hole on my largest janitorial contract at a tune of $6800.00 per month and growing, have not been paid since August, the FDIC has taking over Corus bank in Chicago that repo the Streamline condo tower here in Vegas from developer, have filed all paper work with management company that sent it on to the FDIC, they said check will be cut in 2-3 days and sent, that was 12 days ago and no check, in 2 1/2 weeks they will owe me $13600.00 for 2 months service, [ouch], I will have to stop service on this tower at the end of month and place my lien.

I guess I can just not pay my taxes for about a year and that will even me out with the Fed..

[the48thronin]

$this->bbcode_second_pass_quote('timmac', 'H')as anyone here had to deal with the FDIC on getting your $$ after the bank shut down, how long did you have to wait ?,

I am now in the hole on my largest janitorial contract at a tune of $6800.00 per month and growing, have not been paid since August, the FDIC has taking over Corus bank in Chicago that repo the Streamline condo tower here in Vegas from developer, have filed all paper work with management company that sent it on to the FDIC, they said check will be cut in 2-3 days and sent, that was 12 days ago and no check, in 2 1/2 weeks they will owe me $13600.00 for 2 months service, [ouch], I will have to stop service on this tower at the end of month and place my lien.

I guess I can just not pay my taxes for about a year and that will even me out with the Fed..

[timmac]

$this->bbcode_second_pass_quote('the48thronin', '
')You mean the FDIC is going to write you a paper check? No direct deposit?

Float?

[eXpat]

Not only the FDIC is in the red, It will be in the red for a loooong time,,,
FDIC bank fund in the red until 2012
$this->bbcode_second_pass_quote('', 'N')EW YORK (CNNMoney.com) -- The government insurance fund designed to protect consumer bank deposits will likely stay in the red through 2012, Federal Deposit Insurance Corp. chief Sheila Bair said Wednesday.

Testifying before members of the Senate Banking Committee, the nation's top commercial bank regulator stressed that her agency was taking immediate steps to replenish the dwindling fund. But she said those efforts would not put the rescue fund in the black until a little more than two years from now at the earliest.

The fund has come under severe strain in recent months amid the recent surge in bank failures. Ninety-eight banks have failed so far this year, which has reduced the fund's value to $10 billion from $45 billion a year ago.

Last month, the agency painted an even more dire picture, estimating that the fund is currently in the red after taking into account future bank failures it anticipates will happen.

That would not be the first time the fund has had a negative balance. During the S&L crisis of the late 1980s and early 1990s, it slipped into the red.