Another socialist system crashes and burns in Europe

[Sallow]

Well, no.

NY's FY2010 budget shortfall is between 2.9 and 3.5 billion, Texas is 3.3 billion, Virginia is 1.35 billion.

You are correct that New Yorks budget shortfall this year is 3.2 billion, but next year it is expected to go up to 8.2 billion, then 13.5 billion in 2012. And this is on top of the $122,527,873,429 they ALLREADY owe!

New York state budget - Sunshine Review

There are a lot of off balance sheet debts and liabilities that New York & many other states are hiding.

Like paying more into the Federal government then we (New Yorkers) get back to support fly over states and Alaska.

 

[KissMy]

 

[georgephillip]

"Just when you thought Wall Street couldn’t defraud the economy any further, it went ahead and did it. After pushing millions of borrowers into foreclosure with fraudulent loans, big banks are now being implicated in a massive new fraud scandal involving the foreclosure process itself.

"All over the country, banks and their lawyers are resorting to outright fraud in order to kick people out of their homes and slap them with huge, illegal fees.

"It may be the biggest scandal of the entire financial crisis, one that could result in epic losses for the nation’s largest banks.

"We’ve been hearing for years about the horrific mortgages bankers pushed borrowers into, the outrageous scams they deployed in dumping these mortgages on investors, and the lies they told to their own shareholders about those mortgages in order to boost bonuses.

"Fraud was a major part of this machine at every stage of production, but the foreclosure fraud being uncovered by lawyers today appears to be the broadest scandal to emerge from the mortgage mess thus far."

If it's true that for the last 500 years the only thing worse for any ruler than getting caught doing business with organized crime is loosing control over the revenue streams produced by criminal activity, Republicans AND Democrats will continue selling America to the richest bidder.

Organized Crime

 

[KissMy]

The whole bail-out was also a scam. The rich have their money in banks, loans, stocks, cd's, bonds, brokers etc. If the system went down the FDIC only insured accounts to $100k that was lifted to $250k during the crisis. That means all of us with less than $250k per account were covered. The wealthy who benefited from this scheme needed the bail-out the most.

If true free market principals were allowed to occur with the $250k FDIC safety net, there would be few billionaires left.

 

[thereisnospoon]

"Just when you thought Wall Street couldn’t defraud the economy any further, it went ahead and did it. After pushing millions of borrowers into foreclosure with fraudulent loans, big banks are now being implicated in a massive new fraud scandal involving the foreclosure process itself.

"All over the country, banks and their lawyers are resorting to outright fraud in order to kick people out of their homes and slap them with huge, illegal fees.

"It may be the biggest scandal of the entire financial crisis, one that could result in epic losses for the nation’s largest banks.

"We’ve been hearing for years about the horrific mortgages bankers pushed borrowers into, the outrageous scams they deployed in dumping these mortgages on investors, and the lies they told to their own shareholders about those mortgages in order to boost bonuses.

"Fraud was a major part of this machine at every stage of production, but the foreclosure fraud being uncovered by lawyers today appears to be the broadest scandal to emerge from the mortgage mess thus far."

If it's true that for the last 500 years the only thing worse for any ruler than getting caught doing business with organized crime is loosing control over the revenue streams produced by criminal activity, Republicans AND Democrats will continue selling America to the richest bidder.

Organized Crime

NIce ..POst an opinion sob story piece and pass it off as news.
Look, the banks were under pressure to get these things done.
Yep the people responsible for overseeing the paperwork skipped steps and for that they should be fired and the people allowed to retake possession of their homes so as long as they can catch up their mortgages.
However to paing "Wall Street" with a broad brush is disengenuous.
I am sick of this class envy nonsense.
Anyone who wants to live in a socialist country is free to go elsewhere.

 

[georgephillip]

The whole bail-out was also a scam. The rich have their money in banks, loans, stocks, cd's, bonds, brokers etc. If the system went down the FDIC only insured accounts to $100k that was lifted to $250k during the crisis. That means all of us with less than $250k per account were covered. The wealthy who benefited from this scheme needed the bail-out the most.

If true free market principals were allowed to occur with the $250k FDIC safety net, there would be few billionaires left.

The "Free Market" was originally envisioned as a market free of disproportionate influence by the hereditary economic elites of the 18th Century.

Adam Smith saw such markets as leading the way to equality.

Today those who claim to worship Smith and other classical economists demand markets free of regulation.

Fewer billionaires seems to me like an idea Adam Smith would support if he had the chance.

 

[georgephillip]

"Just when you thought Wall Street couldn’t defraud the economy any further, it went ahead and did it. After pushing millions of borrowers into foreclosure with fraudulent loans, big banks are now being implicated in a massive new fraud scandal involving the foreclosure process itself.

"All over the country, banks and their lawyers are resorting to outright fraud in order to kick people out of their homes and slap them with huge, illegal fees.

"It may be the biggest scandal of the entire financial crisis, one that could result in epic losses for the nation’s largest banks.

"We’ve been hearing for years about the horrific mortgages bankers pushed borrowers into, the outrageous scams they deployed in dumping these mortgages on investors, and the lies they told to their own shareholders about those mortgages in order to boost bonuses.

"Fraud was a major part of this machine at every stage of production, but the foreclosure fraud being uncovered by lawyers today appears to be the broadest scandal to emerge from the mortgage mess thus far."

If it's true that for the last 500 years the only thing worse for any ruler than getting caught doing business with organized crime is loosing control over the revenue streams produced by criminal activity, Republicans AND Democrats will continue selling America to the richest bidder.

Organized Crime

NIce ..POst an opinion sob story piece and pass it off as news.
Look, the banks were under pressure to get these things done.
Yep the people responsible for overseeing the paperwork skipped steps and for that they should be fired and the people allowed to retake possession of their homes so as long as they can catch up their mortgages.
However to paing "Wall Street" with a broad brush is disengenuous.
I am sick of this class envy nonsense.
Anyone who wants to live in a socialist country is free to go elsewhere.

If the following is true, does it qualify as opinion or news?

"A basic, standardized part of the mortgage process at many banks included forging or destroying key documents, or never bothering to write them up in the first place.

"Those reckless procedures have been applied to millions of mortgages issued over the past decade, and allowed inflated bonus checks to be written for years.

"But things are about to get very ugly for the banks.

Maybe you are unaware of the class war on this planet.

Wall Street isn't.

And they could take 90% of everything you own (hyperinflation) if you don't get over your "nonsense."

Organized Crime

 

[thereisnospoon]

"Just when you thought Wall Street couldn’t defraud the economy any further, it went ahead and did it. After pushing millions of borrowers into foreclosure with fraudulent loans, big banks are now being implicated in a massive new fraud scandal involving the foreclosure process itself.

"All over the country, banks and their lawyers are resorting to outright fraud in order to kick people out of their homes and slap them with huge, illegal fees.

"It may be the biggest scandal of the entire financial crisis, one that could result in epic losses for the nation’s largest banks.

"We’ve been hearing for years about the horrific mortgages bankers pushed borrowers into, the outrageous scams they deployed in dumping these mortgages on investors, and the lies they told to their own shareholders about those mortgages in order to boost bonuses.

"Fraud was a major part of this machine at every stage of production, but the foreclosure fraud being uncovered by lawyers today appears to be the broadest scandal to emerge from the mortgage mess thus far."

If it's true that for the last 500 years the only thing worse for any ruler than getting caught doing business with organized crime is loosing control over the revenue streams produced by criminal activity, Republicans AND Democrats will continue selling America to the richest bidder.

Organized Crime

NIce ..POst an opinion sob story piece and pass it off as news.
Look, the banks were under pressure to get these things done.
Yep the people responsible for overseeing the paperwork skipped steps and for that they should be fired and the people allowed to retake possession of their homes so as long as they can catch up their mortgages.
However to paing "Wall Street" with a broad brush is disengenuous.
I am sick of this class envy nonsense.
Anyone who wants to live in a socialist country is free to go elsewhere.

If the following is true, does it qualify as opinion or news?

"A basic, standardized part of the mortgage process at many banks included forging or destroying key documents, or never bothering to write them up in the first place.

"Those reckless procedures have been applied to millions of mortgages issued over the past decade, and allowed inflated bonus checks to be written for years.

"But things are about to get very ugly for the banks.

Maybe you are unaware of the class war on this planet.

Wall Street isn't.

And they could take 90% of everything you own (hyperinflation) if you don't get over your "nonsense."

Organized Crime

I was opining on the editorial style by which the piece was written.
The writer used adjectives that slanted the story to inedicate his point of view.
What class war?..The one perpestuated by the Lefties now in charge of Capitol Hill?.
Obama is a class enviest who tries to disguise himself as populist.

Lokk, at the end of the day one glaring similarity coems form both capitalism and socialism. That is a small percentage of the population controls a majority of the wealth.
The major difference is under socialism, the government confiscates wealth from the producers via taxation and redistributes it to non-producers. Socialism is equality. It is a system where everyone is equally miserable. Socialism creates mediocrity and complacency in the workforce. No one has the desire to work hard/smart and get ahead.
Socialism's goal is to have a small elite ruling class under the guise of compassionate government. Under socialism, the people are offered crumbs such as government housing( in a two room stack-a shack) "free" medical care. The people are trapped. They have no creativity or gumption because there is no incentive to do so.
Under captialism, anyone with the freedom to use their own abilities can become a success.
Capitalism allows for ideas, achievement, entreprenurism and success. It's a very simple concept that has worked for over 200 years and will continue to work.
When I read reports about the rich getting richer or the "widening income gap" I have to laugh. Any individual has the freedom to get off their ass and do something about it.
But it's easier to sit on a rock and bitch about how unfair the world is.
I am not prveledged to have a lot of education in school. I got off my ass and found a way to make a better living. I came from nothing. No privledged upbringing. NO rich uncle leaving me his estate. Just good parenting, common sense and a high awareness of personal responsibility. ANYONE can do this. ANYONE.
There is no valid argument to counter this.
I am not going ot debate this. This is what I think and I don't care to respond to "but what about the people who can't...". Can't? there's no such thing as "Can't"..Unless one is physically or mentally disabled, there is only "won't". This meeting is adjourned.

 

[georgephillip]

Why do you bother posting on a public message board if you're unwilling to defend your arguments' underlying assumptions?

This meeting will be open long after you are gone and forgotten.

 

[thereisnospoon]

Why do you bother posting on a public message board if you're unwilling to defend your arguments' underlying assumptions?

This meeting will be open long after you are gone and forgotten.

Because my opinions are based on logic and facts. To which I will not waver.
No matter what you or anyone else has to say or post, there is no valid acceptable counter argument to what I posted that is going to make me budge.
I am saving you time and keystrokes.
I will discuss. I do not have to defend or justify.
Now, if you want healthy debate, fine. If you want to argue and try to make me think I should defend, forget it.
I am not here to make you happy. I post what I think and base my thoughts on facrs gathered before opining. In the matter of opinion, I am again unwavering.
Now, you asked a question. I answered it in my own way. If you get pissed off because you didn't get the answer you wanted to see, so be it.

 

[georgephillip]

"The EC (European Commission) is using the mortgage banking crisis – and the needless prohibition against central banks monetizing public budget deficits – as an opportunity to fine governments and even drive them bankrupt if they do not agree roll back salaries.

"Governments are told to borrow at interest from the banks, rather than raising revenue by taxing them as they did for half a century following the end of World War II.

"Governments unable to raise the money to pay the interest must close down their social programs. And if this shrinks the economy – and hence, government tax revenues – even more, the government must reduce social spending yet further."

When the richest 1% of humanity continually adds to their already obscene fortunes while preaching "austerity" to over 90% of the global population, it is long past time for the majority to acknowledge there's a WAR going on.

There is an obvious punch-back opportunity coming up with the US midterm elections.

Since Republicans AND Democrats serve the richest 1% of Americans first, FLUSH as many INCUMBENTS from the US Congress as possible on November 2nd.

Replace the Republicans AND Democrats with Greens or Libertarians or any other 3rd party candidate appearing on your ballot that most closely reflects your political views.

In a worst-case scenario, vote AGAINST every congressional incumbent on your ballot!

A Financial Coup...

 

[thereisnospoon]

"The EC (European Commission) is using the mortgage banking crisis – and the needless prohibition against central banks monetizing public budget deficits – as an opportunity to fine governments and even drive them bankrupt if they do not agree roll back salaries.

"Governments are told to borrow at interest from the banks, rather than raising revenue by taxing them as they did for half a century following the end of World War II.

"Governments unable to raise the money to pay the interest must close down their social programs. And if this shrinks the economy – and hence, government tax revenues – even more, the government must reduce social spending yet further."

When the richest 1% of humanity continually adds to their already obscene fortunes while preaching "austerity" to over 90% of the global population, it is long past time for the majority to acknowledge there's a WAR going on.

There is an obvious punch-back opportunity coming up with the US midterm elections.

Since Republicans AND Democrats serve the richest 1% of Americans first, FLUSH as many INCUMBENTS from the US Congress as possible on November 2nd.

Replace the Republicans AND Democrats with Greens or Libertarians or any other 3rd party candidate appearing on your ballot that most closely reflects your political views.

In a worst-case scenario, vote AGAINST every congressional incumbent on your ballot!

A Financial Coup...

European countries have been overpaying and overindulging their workers with benefits for far too long. Same applies here with public workers in big union states.
Obscene? An example of obscene is where a town of 11,000 people that has 300 municipal wokers and pays 40 of them over $100,000 per year.
Anothe example is the salaries paid ot police officers in my home town in NJ. There are 4.700 people living there. There is virtually NO crime. Two guys I went to HIgh School with are just about at the end of their careers. Each earns 6 figure base pay. Meanwhile, NJ residents pay the highest property taxes in the US. To compare, a veteran patrol officer in Charlotte, NC can top out at about $60k per year. BTW ,no collective bargaining allowed in NC. Federal workers have all kinds of goodies that those of us in the real world can only dream of.
These wages and benefits eventually will be unsustainable.
I don' care about all the platitudes about building the middle class and "we hate the rich" nonsense. It's garbage.
Link.....for NJ public worker salaries...New Jersey by the Numbers - NJ.com

 

[hipeter924]

"The EC (European Commission) is using the mortgage banking crisis – and the needless prohibition against central banks monetizing public budget deficits – as an opportunity to fine governments and even drive them bankrupt if they do not agree roll back salaries.

"Governments are told to borrow at interest from the banks, rather than raising revenue by taxing them as they did for half a century following the end of World War II.

"Governments unable to raise the money to pay the interest must close down their social programs. And if this shrinks the economy – and hence, government tax revenues – even more, the government must reduce social spending yet further."

When the richest 1% of humanity continually adds to their already obscene fortunes while preaching "austerity" to over 90% of the global population, it is long past time for the majority to acknowledge there's a WAR going on.

There is an obvious punch-back opportunity coming up with the US midterm elections.

Since Republicans AND Democrats serve the richest 1% of Americans first, FLUSH as many INCUMBENTS from the US Congress as possible on November 2nd.

Replace the Republicans AND Democrats with Greens or Libertarians or any other 3rd party candidate appearing on your ballot that most closely reflects your political views.

In a worst-case scenario, vote AGAINST every congressional incumbent on your ballot!

A Financial Coup...

European countries have been overpaying and overindulging their workers with benefits for far too long. Same applies here with public workers in big union states.
Obscene? An example of obscene is where a town of 11,000 people that has 300 municipal wokers and pays 40 of them over $100,000 per year.
Anothe example is the salaries paid ot police officers in my home town in NJ. There are 4.700 people living there. There is virtually NO crime. Two guys I went to HIgh School with are just about at the end of their careers. Each earns 6 figure base pay. Meanwhile, NJ residents pay the highest property taxes in the US. To compare, a veteran patrol officer in Charlotte, NC can top out at about $60k per year. BTW ,no collective bargaining allowed in NC. Federal workers have all kinds of goodies that those of us in the real world can only dream of.
These wages and benefits eventually will be unsustainable.
I don' care about all the platitudes about building the middle class and "we hate the rich" nonsense. It's garbage.
Link.....for NJ public worker salaries...New Jersey by the Numbers - NJ.com

They will defend socialism even though its failed, its a sad fact of life that stupidity comes in all flavors, every leftist I speak to always equates the false free market as being exactly the same as true one, and tries to claim individuals co-operating on free choice or voluntarism is a collective, so don't bother arguing with them.

 

[thereisnospoon]

"The EC (European Commission) is using the mortgage banking crisis – and the needless prohibition against central banks monetizing public budget deficits – as an opportunity to fine governments and even drive them bankrupt if they do not agree roll back salaries.

"Governments are told to borrow at interest from the banks, rather than raising revenue by taxing them as they did for half a century following the end of World War II.

"Governments unable to raise the money to pay the interest must close down their social programs. And if this shrinks the economy – and hence, government tax revenues – even more, the government must reduce social spending yet further."

When the richest 1% of humanity continually adds to their already obscene fortunes while preaching "austerity" to over 90% of the global population, it is long past time for the majority to acknowledge there's a WAR going on.

There is an obvious punch-back opportunity coming up with the US midterm elections.

Since Republicans AND Democrats serve the richest 1% of Americans first, FLUSH as many INCUMBENTS from the US Congress as possible on November 2nd.

Replace the Republicans AND Democrats with Greens or Libertarians or any other 3rd party candidate appearing on your ballot that most closely reflects your political views.

In a worst-case scenario, vote AGAINST every congressional incumbent on your ballot!

A Financial Coup...

European countries have been overpaying and overindulging their workers with benefits for far too long. Same applies here with public workers in big union states.
Obscene? An example of obscene is where a town of 11,000 people that has 300 municipal wokers and pays 40 of them over $100,000 per year.
Anothe example is the salaries paid ot police officers in my home town in NJ. There are 4.700 people living there. There is virtually NO crime. Two guys I went to HIgh School with are just about at the end of their careers. Each earns 6 figure base pay. Meanwhile, NJ residents pay the highest property taxes in the US. To compare, a veteran patrol officer in Charlotte, NC can top out at about $60k per year. BTW ,no collective bargaining allowed in NC. Federal workers have all kinds of goodies that those of us in the real world can only dream of.
These wages and benefits eventually will be unsustainable.
I don' care about all the platitudes about building the middle class and "we hate the rich" nonsense. It's garbage.
Link.....for NJ public worker salaries...New Jersey by the Numbers - NJ.com

They will defend socialism even though its failed, its a sad fact of life that stupidity comes in all flavors, every leftist I speak to always equates the false free market as being exactly the same as true one, and tries to claim individuals co-operating on free choice or voluntarism is a collective, so don't bother arguing with them.

Yeah..Guess who bitched the loudest when a 4% per annum cap on property taxes was enactedin NJ?..The friggin public worker union reps along with the rank and file.
They shamelssly whined about their "raises"...

 

[georgephillip]

"The EC (European Commission) is using the mortgage banking crisis – and the needless prohibition against central banks monetizing public budget deficits – as an opportunity to fine governments and even drive them bankrupt if they do not agree roll back salaries.

"Governments are told to borrow at interest from the banks, rather than raising revenue by taxing them as they did for half a century following the end of World War II.

"Governments unable to raise the money to pay the interest must close down their social programs. And if this shrinks the economy – and hence, government tax revenues – even more, the government must reduce social spending yet further."

When the richest 1% of humanity continually adds to their already obscene fortunes while preaching "austerity" to over 90% of the global population, it is long past time for the majority to acknowledge there's a WAR going on.

There is an obvious punch-back opportunity coming up with the US midterm elections.

Since Republicans AND Democrats serve the richest 1% of Americans first, FLUSH as many INCUMBENTS from the US Congress as possible on November 2nd.

Replace the Republicans AND Democrats with Greens or Libertarians or any other 3rd party candidate appearing on your ballot that most closely reflects your political views.

In a worst-case scenario, vote AGAINST every congressional incumbent on your ballot!

A Financial Coup...

European countries have been overpaying and overindulging their workers with benefits for far too long. Same applies here with public workers in big union states.
Obscene? An example of obscene is where a town of 11,000 people that has 300 municipal wokers and pays 40 of them over $100,000 per year.
Anothe example is the salaries paid ot police officers in my home town in NJ. There are 4.700 people living there. There is virtually NO crime. Two guys I went to HIgh School with are just about at the end of their careers. Each earns 6 figure base pay. Meanwhile, NJ residents pay the highest property taxes in the US. To compare, a veteran patrol officer in Charlotte, NC can top out at about $60k per year. BTW ,no collective bargaining allowed in NC. Federal workers have all kinds of goodies that those of us in the real world can only dream of.
These wages and benefits eventually will be unsustainable.
I don' care about all the platitudes about building the middle class and "we hate the rich" nonsense. It's garbage.
Link.....for NJ public worker salaries...New Jersey by the Numbers - NJ.com

How many billionaires does New Jersey support?

Those two cops earning $100,000/year are far more useful to your state than a single hedge fund honcho earning $1 billion/year.

The fraud, waste, and corruption in government pales in comparison to the $17 trillion FIRE sector component of TOTAL US debt (including all levels of government debt)

HS Dent May 11, 2010 update

 

[hipeter924]

[ame]http://www.youtube.com/watch?v=Uk9WQaAIbOg[/ame]

 

[germanguy]

Whoa...this can not be left uncommented.

If socialism is understood in this narrow way, the nazis were by all means socialists.
Still, you can not narrow down the political ideology on it´s economic part.

Whatever the Nazis thought about the economic system, it was not the major point.

While fascism in Italy or Spain emphasized the nation, power in itself, corporatism and authoritarian rule, the German Nazis added to this a racist view.

Theoretically the fascists in Italy and the Nazis preferred a third way between liberal capitalism and the proletarian socialist movements. Practically, especially in Germany, Hitler gave a shit upon ideology, as long things worked his way.
The Nazis gave the big companies low wages, made all trade unions illegal and made the communists and social democrats (=Socialist Parties) illegal.
The workers he gave the 1st of May as a holiday and raised the workinhg hours per week.
On the other hand, additional bonuses for night shifts were made tax free (and are still today).

But back to the major factor in Nazi ideology: Race.

Never forget, that the cornerstone of the Nazi ideology was the idea, that the Germans were a pure Aryan race and that capitalist states like the US were poisened by jews and their money. It was the german right to form a germanic empire in the heart of Europe and dominate the world as a white master race.

Pretty socialist...

So, next time you compare Obama with Hitler, think about the fact, that Hitler would have send Obama through the chimney.

regards
ze germanguy

 

[hipeter924]

Whoa...this can not be left uncommented.

If socialism is understood in this narrow way, the nazis were by all means socialists.
Still, you can not narrow down the political ideology on it´s economic part.

Whatever the Nazis thought about the economic system, it was not the major point.

While fascism in Italy or Spain emphasized the nation, power in itself, corporatism and authoritarian rule, the German Nazis added to this a racist view.

Theoretically the fascists in Italy and the Nazis preferred a third way between liberal capitalism and the proletarian socialist movements. Practically, especially in Germany, Hitler gave a shit upon ideology, as long things worked his way.
The Nazis gave the big companies low wages, made all trade unions illegal and made the communists and social democrats (=Socialist Parties) illegal.
The workers he gave the 1st of May as a holiday and raised the workinhg hours per week.
On the other hand, additional bonuses for night shifts were made tax free (and are still today).

But back to the major factor in Nazi ideology: Race.

Never forget, that the cornerstone of the Nazi ideology was the idea, that the Germans were a pure Aryan race and that capitalist states like the US were poisened by jews and their money. It was the german right to form a germanic empire in the heart of Europe and dominate the world as a white master race.

Pretty socialist...

So, next time you compare Obama with Hitler, think about the fact, that Hitler would have send Obama through the chimney.

regards
ze germanguy

1. Many socialist styled states are racist (especially France towards gypsies, Africans,etc), even though racism isn't exclusive to socialist states.

2. I said nothing about Obama, my point was that the Nazi party was a combination of Nationalism and Socialism, and since the video I mentioned doesn't say anything about Obama, instead it just compares the economic systems, what the hell are you talking about?

3. I prefer to listen to lectures from economists in the Von Mises Institute (which is anarcho-capitalist/minarchist), because you can be assured they have all the evidence to back up their claims, and they are not a puppet of the corporate world, let alone the government.

4. The basis of the argument was that Nazism is totalitarian due to its control of the means of production, control of property, control of wages and prices, charged tax,etc and that because Socialism shares similar controls it too is totalitarian.