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Noah and the Ark
The economy suffered 500,000 layoffs in November and faced 500,000 more firings in December. CEOs received billions in bailouts, benefits, bonuses and private jet fleets. This created more working poor, unable to pay bills or mortgages. It’s not the loans or mortgages, it’s the people and their income, silly.
http://seattletimes.nwsource.com/html/businesstechnology/2008484953_autostudy09.html
http://abcnews.go.com/Blotter/WallStreet/story?id=6307092
The cause of the economic decline was too much credit and too little solvency.
The cure is not bailouts, but productive work and savings.
Just the facts, Ma’m
For almost a year, from 2007 to 2008, corporate and government leaders repeatedly denied economic problems while the Dow fell in half.
CEOs, Federal Reserve Chairmen and Treasury Secretaries testified how resilient the leveraged derivative economy was, despite soaring energy and food prices. The Fed even raised interest rates and restricted money supply to fight inflation, eliminating public reports of a slowing M-3.
The SEC Securities and Exchange Commission eliminated the uptick rule, did not prosecute naked short sellers, and did not provide public transparency on derivatives decimating funds, income and balance sheets.
The SEC did not catch a $50 billion dollar Ponzi scheme despite numerous prior complaints. The CFTC Commodity Futures and Exchange Commission did not stop major money laundering with China, criminal and narco aliens.
http://www.skolnicksreport.com/
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