The Glade 4.0

http://www2.fdic.gov/qbp/2009dec/qbp.pdf


Wooo.

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"...but there exists also in the human heart a depraved taste for equality, which impels the weak to attempt to lower the powerful to their own level and reduces men to prefer equality in slavery to inequality with freedom." - De Tocqueville

I'm not seeing that. Please reference where this is said.

Show your work. I'm not reading 28 pages to figure out your conclusion for you.

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"Hysterical children shrieking about right-wing anything need to go sit in the corner and be quiet while the adults are talking."

"The Deposit Insurance Fund (DIF) decreased by $12.6 billion during the fourth quarter to a negative $20.9 billion"

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"...but there exists also in the human heart a depraved taste for equality, which impels the weak to attempt to lower the powerful to their own level and reduces men to prefer equality in slavery to inequality with freedom." - De Tocqueville

Page?

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"Hysterical children shrieking about right-wing anything need to go sit in the corner and be quiet while the adults are talking."

Second to last paragraph on page 14

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"Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own." Jesus of Nazareth

See, DE? You would only have had to read 14 pages of mind-numbing boringness to get to his point.

It's been bankrupt and insolvent for months. I believe, when I pointed it out during the October or November statements, most of you told me not to worry. The FDIC would still pay. This isn't news, Elmo.

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Shhhh! He's still reading.

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"Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own." Jesus of Nazareth

It is still paying, jsut in rubber checks. Just pointing out exactly how insolvent it is Khross, and I am sure to many people this is news.

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"...but there exists also in the human heart a depraved taste for equality, which impels the weak to attempt to lower the powerful to their own level and reduces men to prefer equality in slavery to inequality with freedom." - De Tocqueville

I will ask before Khross gets to...

Shouldn't a few people be offering Khross apologies for insinutating (and flat out telling him) that he had no clue what he was talking about when he first said this was going to happen?

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Darksiege
Traveller, Calé, Whisperer
Lead me not into temptation; for I know a shortcut

Sucks, but in the grand scheme of things it's not that much more debt. Sadly, you really can't run a first-world country without deposit insurance, Germany found that out the hard way. When someone puts money into a bank account, they expect to be able to get it out. Germany had no deposit insurance when the recession hit and had to implement it retroactively to quiet the fury of the masses. The major banks there implemented optional private deposit insurance in 1975 but surprise surprise, virtually noone bought it, it's something everyone expects the government to take care of.

And this recession is here because "everyone expected government to take care of it" in banking.

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"...but there exists also in the human heart a depraved taste for equality, which impels the weak to attempt to lower the powerful to their own level and reduces men to prefer equality in slavery to inequality with freedom." - De Tocqueville

Except, it's a huge amount of debt because we haven't even seen more than the initial ripples of the real banking crisis.

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I really don't want to live in a world where I'm basically required to save 20%+ of my income because any chain in the link of my support system could fail at any point and there's no government backup. Not to mention dealing with idiotic crap like diversifying my damn bank accounts to hedge risk.

Not only would I have to worry about my employer going out of business or laying me off and leaving me without unemployment insurance, I also have to worry about my bank going broke and leaving me with nothing. Should people have to buy **** like health insurance insurance in case their health insurer fails? It gets ridiculous.

You already live in that world Xeq. It is only an illusion created by those who want to drain your labor for their own ends that make you think you don't.

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"...but there exists also in the human heart a depraved taste for equality, which impels the weak to attempt to lower the powerful to their own level and reduces men to prefer equality in slavery to inequality with freedom." - De Tocqueville

It's a little late to crawl back in the uterus. I'm not sure why personal responsibility for your future discourages you, but oh well.

It's all about jobs. Hopefully congress will figure that out sometime soon.

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In time, this too shall pass.

No, I don't live in that world. The government provides a lot of convenience. Something like health insurance insruance would be ridiculously cheap, but you still:

1. Have to realize that you need it.
2. Must spend 4 hours of your life every 6 months reading the new contract and make sure you're getting what you're paying for.

Sure that's not a lot of time, but that's 4 hours gone just for that little thing. Even if the premium is only $5, you're essentially paying $100 for it because you had to spend 4 hours "working" on it. Having to do this with every tiny little angle adds up, you'd be doing nothing else with your life.

Yes Xeq you already live in a world where you are required to save 20%+ of yoru income because your support system could fail at anytime.

I understand you don't believe this because for your entire life you've been fed a lie that you want to believe.

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"...but there exists also in the human heart a depraved taste for equality, which impels the weak to attempt to lower the powerful to their own level and reduces men to prefer equality in slavery to inequality with freedom." - De Tocqueville

No, the way things currently are now, if the "support system" collapses it won't matter how much of my income I saved because the money will be worthless paper anyway.

1. Our worthless paper is not money, it is currency.

2. Money won't be worthless.

3. Your saved income does not have to be in either money or currency.

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"...but there exists also in the human heart a depraved taste for equality, which impels the weak to attempt to lower the powerful to their own level and reduces men to prefer equality in slavery to inequality with freedom." - De Tocqueville

There's a big difference between having a temporary liquidity deficit and being bankrupt/insolvent. And a huge difference between the current situation and the FDIC actually defaulting on its payment obligations.

It's money. Go read a dictionary. Also, it's not paper. It's 75% cotton 25% linen, if I recall correctly.

If by money you mean gold, unless you have that gold actually stored in your personal vault at home (if so, can you refresh my memory as to your address? *grin*), then you're relying on the banking and exchange systems just as much as those of us who count on the FDIC. And even if you do have gold in-hand, good luck trading it for anything useful if the banking system actually does collapse. As for point 3, that's true, but again, if you mean real property, you're relying on the court system to validate your ownership rights, and if you mean "valuables" like art work or whatever, good luck trading that for anything useful too. And if you mean saving income in the form of giant tanks of gasoline and warehouses of food, well, forgive me if I don't think that's a particularly practical basis for a national economy.

Also... if currency becomes "worthless", then everything except basic supplies will also be worthless. Because the country will fall apart.