Mrcauser’s Weblog

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Guy has it in a nut shell…….

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What I learned from playing all this poker….

You have to know when to fold them.

And never chase good money with bad.

This crash ends when all the bad loans are flushed out of the system. Fold the “underwater” loans. Forgiving you trespassers
is not hot air but necessary to save our ass.

Why chase good money with bad? Picking on fools may satisfy our outrage for a while but it doesn’t rebuild a shattered world economy.

Do you seriously want to solve the credit problem? Kill the all the “national” banks. Shut them down. Close them and start some new ones. No mercy.

Do it yesterday.

Reset everyone’s credit to 640 so the suckers can start over. (My call for complete debt moratorium is coming, one way or the other,yes it is.)

Set credit  lending top limits at %10. Yes that old Bible thumping limit. It has worked for thousands of years.I remember it was the law in upstate N.Y. when we were kids. Foreclosures were rare (I never heard of one) and only used when necessary. Credit card rip off Ponzi schemes were virtually impossible.

Outlaw second mortgages! What are we waiting for? Texas had this as law forever, then they went nuts.

Can you hear me now?

What the fuck were banks thinking, let alone any half wit, that using the roof over your head to fund Disney land trips and shopping sprees was good for your economic health.

Stay away from banks.

Join a credit union and save a few bucks every payday. Borrow small and often, pay it back on time and you’ll be able to buy any thing you can afford. Even if your credit is shaky.

As long as you pay it back.

Oh yeah, kill the lawyers!

(At least this keeps them out of government.)

Anyways the following is from a Russian emigre who watched Russia implode:

ClubOrlov: Social Collapse Best Practices

First: growth, of course! Getting the economy going. We learned nothing from the last huge spike in commodity prices, so let’s just try it again. That calls for economic stimulus, a.k.a. printing money. Let’s see how high the prices go up this time. Maybe this time around we will achieve hyperinflation. Second: Stabilizing financial institutions: getting banks lending – that’s important too. You see, we are just not in enough debt yet, that’s our problem. We need more debt, and quickly! Third: jobs! We need to create jobs. Low-wage jobs, of course, to replace all the high-wage manufacturing jobs we’ve been shedding for decades now, and replacing them with low-wage service sector jobs, mainly ones without any job security or benefits. Right now, a lot of people could slow down the rate at which they are sinking further into debt if they quit their jobs. That is, their job is a net loss for them as individuals as well as for the economy as a whole. But, of course, we need much more of that, and quickly!

So that’s what we have now. The ship is on the rocks, water is rising, and the captain is shouting “Full steam ahead! We are sailing to Afghanistan!” Do you listen to Ahab up on the bridge, or do you desert your post in the engine room and go help deploy the lifeboats? If you thought that the previous episode of uncontrolled debt expansion, globalized Ponzi schemes, and economic hollowing-out was silly, then I predict that you will find this next episode of feckless grasping at macroeconomic straws even sillier.

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Written by mrcauser

February 27, 2009 at 8:02 pm

Posted in Uncategorized

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