Ineluctable truth one: Every empire bites the dust;

Ineluctable truth two; Those with the most to lose are always the last to believe truth one.

Welcome to the jungle.

Will this wake the lemmings up?

Is worse better?

I think one thing regarding the housing crisis needs to be mentioned, because nobody seems to address it.  One often hears about the bubble as if it was just a financial miscalculation on the part of the Fed and so forth.  Libertarians mention political motivations of the left, and connect it with affirmative action, etc.

I also think that this whole thing had a political motivation, albeit different from what many libertarians think: the main motivation was to drive people into insecurity.  The loans caused house prices to surge by many orders of magnitude, artificially inflated, so in the end nobody actually owns their houses, it’s the banks who own them (it is incorrect to claim that home-ownership increased).  The subprime case is similar.  The actual tenants could not have bought those houses, but perhaps middle class individuals (or small businesses) could have as an investment.

Aside from the economic centralization, the idea that no one really ones their own houses carries a feeling of insecurity with it.  Not to mention that if everyone is worried about paying their mortgages, they are in a sense prisoners already.  The US is not like the Soviet Union, they do not build Gulags (let’s hope), but the political elite has a lot of undue free space in which to manouver in the situation in which everyone is indebted.  Not to mention people worried about their mortgages might not have the time and energy to thoroughly understand the political issues affecting them...so in the end the political motive here is to build a kind of soft dictatorship.

Often the argument made against this point of view is that it is everyone’s own choice to become indebted or not.  This is true, and in many cases indebtedness is due to living beyond one’s means.  However, hard-working and frugal people need a place to live too, and what can they do, if the prices are artifically inflated?  They also need education for their kids, which is also quite costly?

In the words of the late (great!) William E. Odom, Lieutenant General, US Army:

“This was imminently foreseeable.”

From outside the US we’re looking on a bit incredulously that the leaders of the US apparently want to cherry-pick the world’s rotten cherries, at the expense of the US taxpayer and saver.

Another incisive column by Pat Buchanan.  There are many morally decent, hardworking Americans who don’t deserve what the political, corporate and cultural elite have been dishing out to them for years now.  They are not completely without blame, however.  If they had not so passively and nonchalantly accepted the garbage offered to them by these people who have run and ruined the country for their own benefit, we wouldn’t be facing the prospect of bankruptcy, demographic transformation, continuing rule by judges and bureaucrats, foreign policy dictated by fifth columnists, and so many of the other dismal characteristics of modern America today.  In short, if ordinary Americans had been serious about saving the country, for starters, they would have elected Pat Buchanan president.

So Mr. Buchanan, when can we expect that endorsement of bailout opponent Chuck Baldwin over bailout supporters McCain and Palin?

Those saddlebags are filled with BORROWED money; even worse than taxes!

pat is endorsing thebailout.  he says it’s pathetic but neccasary.

You are right lester. I guess I should read the whole thing next time. Sad. Pat has definitely rejoined the pundit class.

Yup.

Oh Pat, why do you mince words?  Have they Palinized you?

Third worlders amongst us make it a 3rd world nation.  This is a crisis like our schools caused by the 3rd worlders here.  If we want to change it we have to either induce them to go home or limit births to filter out low IQ low ethnics genes.

Hey “Old Atlantic”, you bastard:

I live in what can be described as a “3rd World Country” (East Alabama).  My neighbors have an average IQ much lower than the average 100.  Why not go ahead and say it: you support the genocide of Southern Whites, and, especially, Southern Blacks.

The Southern Man is not up to your high [IQ] standards, and you want him eliminated from your Superhuman Supernation of Superwhites.  THIS is for what you are advocating.

You would have fallen in line directly behind the evil men that rampaged across the South during the War.  Old Atlantic, meet General Sherman, your ideological brother-in-arms.  In short: FUCK YOU.  You need a good ass-kicking.

As an economist it has been clear that huge structural imbalances have been emerging in the U.S. economy. The balance of payments and balance of trade statistics for decades have been waving a red flag. The export of U.S. jobs by our corporate elites bear witness to their absolute lack of patriotism. The intellectual arguments in favor of this process bear witness to the intellectual bankcruptcy of our economists.
This flawed system can only function now as long as there are continuous funds flows from places like China and Dubai to plug the holes in the economy.
This bubble can last only so long, even the military spending cannot ward off the inevitable.
The $700 billion package will not avert the continuing plunge into deflation and a very deep and long recession. We will need a long period of Keynesian economic policies and the economy will have to be rebuil on new foundations that reflect better resource availability and relative advantage. The real incomes of american workers will continue to fall, and we will find ourselves as one power center amonst many in a multi lateral world. And a new chapter in history will begin.

In short: FUCK YOU.  You need a good ass-kicking.

Posted by Patrick Hall on Sep 27, 2008.

Race traitor.

red phillips- that’s the thing about this bailout.  the bad thing is that we now HAVE to do it.  But there’s not THAT much question that we DO have to do it.  unless you want to see peoples retirement funds get shrunken to nothing by short sellers from here to dubai.

Ahhhh yes, the race-baiters, purity crusaders and champions of eugenics do come out in force during times of economic trial. It is what makes these things so enjoyable. Democracy At Work.

One is reminded of the group photos from those martial camps up Hayden Ideeho way. If this is the master race, well...pardon me my cynicsm.

40 Acres, a mule and maybe a Gatling Gun and then all would be right in the Comic Novel which replaced the lapsed Republic. What we need is more chain link fence. Stick around, it is on the way.

One dispiriting feature is that none of the plans demand that standards of lending for mortgages be upgraded nationally.

We should demand, nationwide a down-payment and verification of a reliable cash-flow.

It will be objected that then many minorities and single mothers will be unable to buy a home.

Renting and living in subsidized homes is not degrading. The alternative is what we see today. Derivatives, credit swaps, etc. are only as sound as the underlying mortgage payers.

Yes, Pat, yes, yes and yes. But doing this deal will be the end of any semblance of a republic. We will be serfs under the Globalist oligarchs. It is a coup!

Glad to see that “Captainchaos” finally admits there’s no such thing as a monolithic “White race”.  However, by sticking up for my fellow Southern Appalachians, by no means am I a “race traitor”.

It’s very easy to solve - you just make all of the 7 million bad mortgages - GOOD - with the $700BILLION.

It means each mortgage can be infused with a flat $100,000 (one hundred thousand dollars.) Then you KNOW all of the bad paper out there in financial markets is now - not junk - but triple A.

Very simply, *anyone who was suckered into these mortgages...and they are now in foreclosure goes down to their local bank - they keep their home - $100,000 is infused into it - and that was their lucky day. 

Then EVERYONE who invested in these mortgage backed securities, *knows any paper they are holding is triple A and is so for the forseeable future.

OTHERWISE this is a complete SCANDAL and shakedown… because about 7 thousand people who
are already rich, beyond anyone in the rest of the country’s wildest dreams are instead looking to receive about $100 million dollars *each (that’s right do the math), and by giving it the those few 7,000 people who got us into this mess, we are *not even sure the problem would be solved.

So you can give $100Million dollars each to 7 thousand who caused the problem and NOT be sure
the problem is solved.

Or VERY simply and easily you can give $100Thousand dollars each to 7 *million people in default through no fault of their own, and we can be SURE the problem is solved.

Otherwise it’s not a crisis - it’s simply another SHAKEDOWN & Scandal.

There is such a thing as a lucky day – and for these poor people about to lose their homes – in this sub-prime market mess-up, who have always gotten one way or another the short end of the stick – well today is their lucky day.  Better to give peanuts $100Thousand dollars each to the 7 million folks who need it the most – and be sure to solve the problem.  Than to give $100Million each to 7 thousand rich slobs who caused the mess; and still NOT be sure the problem is solved.  These filthy rich will just try to steal it (of course), like they’ve done before.

Otherwise make Wall Street come to MEAN – the wall we lined up every one of those slobs against and shot them.  Period.  End of bull$hit ‘story.  ... Amen.

Save Wall Street?  The real issue is whether we as a nation can afford Wall Street.  The culture of Wall Street has always been “pump and dump,” whether it involves individual stocks or, from a historical perspective, serially riding the railroad, steel, Internet, or housing bubbles.  The bubbles are thinly disguised mechanisms for massive profit taking.  To ensure the bubbles continue, the trend has been for the Federal Reserve to fan Wall Street’s bubbles on the upside with cheap credit and to cushion the bubbles on the down side with ... well, cheaper credit.  When the Federal Reserve was established in 1913, pundits warned that the banks would eventually own a country flooded with cheap credit and massive debt flowing from the Federal Reserve through the banks.  That day has come to pass.

Michael Biggs your post directly above I assume in response to mine and others is spot on… it’s why I called alan - ‘mr. Greenspinner’ perhaps unfairly 10 years ago online - he’s no one really and it’s just ‘his job’, like say a mexican janitor to do what his mass’eh or employers expects.  But as Mae West said it’s going to be a bumpy ride – and by which I mean she meant for you or me or for the averagae american now that the pillage is coming to a pause & apparently hit some bump or obstruction perhaps-?-in the road; and the rich are as secure as ever and perhaps more so – while sadly - we are the sacrificial lambs.  All I’m saying is how do we save the present system to save ourselves temporarily, if we do not take up arms and find and dispense with the culprits.  Although I perefer the latter, Americans these days are a bunch of pussies, pardon the compliment if of the female gender (like Mae) – except it also seems to include the males now too.  You sound brave at the moment Michael … ok, what’s Your plan?!

“Glad to see that “Captainchaos” finally admits there’s no such thing as a monolithic “White race”.  However, by sticking up for my fellow Southern Appalachians, by no means am I a “race traitor”.” - “Patrick Hall”

When I use the term “White race” I mean people of European descent (that includes Russians).  I never claimed European were an undifferentiated mass.  In fact, I want to see the diverse European peoples preserved culturally and genetically - Salterian nationalism.

I consider “my people” to be those of northwestern European descent.  They were the founding stock of this country.  The Founding Fathers intended this country to be one built by us and for us; and so it was until race traitors and Jews decided on a self-interested change of course.

While I consider group average IQ to be important it is not all important; the Chinese have a higher group average IQ and they drown their unwanted children in rivers, eat fetuses and rats.  Our people are worthy of our love and loyalty not just because they are smart and creative but also because of who they are and simply because they are our own.

If you think that you Appalachians can go it alone you are mistaken.  We hang together or hang separately.  Solidarity and the will to reclaim our country is what we need.

“Ahhhh yes, the race-baiters, purity crusaders and champions of eugenics do come out in force during times of economic trial. It is what makes these things so enjoyable. Democracy At Work.” - Dirk W. Sabin

Present circumstances provide a golden opportunity to “agitate” and “raise consciousness”.  Now is the critical time to motivate our people to racial nationalism and thus ensure our survival, while the choice is still ours to make.

You make it seem as if our present economic woes are somehow detached from the “racial issue” - it is in fact the opposite.  If we, as a people, had never let our racial consciousness be stripped from us we would not be in this mess, whether economically or existentially.

You do understand that, right?

It seems to be getting worse and and worse. This bailout is very flawed. I don’t see anything getting done, that matters. Old Ron Paul was right.

We are expected to accept - as one one of our advisors - a homo who used to have a homo prostitution ring run out out of his own house, as the principal House guarantor of this 700 billion dollar bailout. In addition, he’s a goddamn kike, and a priori untrustworthy.  When the hell did we start taking the word of a goddamn HOMO KIKE on matters of national urgency? Barney Frank is a goddamn homo kike, and I find it unbelievable that he has any role in this at all.  Can you imagine George Washington or Robert E Lee or Ulysses S Grant contemplating the spectacle of these Jews having ANY role in the currenct crisis?

“Nevertheless, it must be done, and done now, as collapse is imminent.”

It has been pointed out to me that Pat may not actually be endorsing the plan here. He may be speaking as Paulson and Bernanke, as he is in the two paragraphs above that statement. I think that is how it was intended.

Dear Mr. Buchanan, I agree with Tony Wawrzynski in that the American people must shoulder a significant portion of the blame for the situation we are in.  As Andrew J. Bacevich noted in his American Conservative article (9-8-2008) “Appetite for Destruction”, The American character has been one of “The restless search for a buck and the ruthless elimination of anything standing in the way” and [has] “long been central to the American character.  “Touring the United States in the 1830’s, Alexis de Tocqueville noted the ‘feverish ardor’ of its citizens to accumulate.  Yet even as the typical Amerian ‘clutches at everything,...he holds nothing fast, but soon loosens his grasp to pursue fresh gratifications.” Mr. Bacevich also recounted that President Carter realized what our problem was, SELF-INDULGENCE; that “Americans had strayed from the path of righteousness.” In a July 15, 1979 speech Carter gave notice that America is at a turning point in its history.  He said, “There are two paths to choose.  One is a path I’ve warned about tonight, the path that leads to fragmentation and self-interest.  Down that road lies a mistaken idea of freedom, the right to grasp for ourselves some advantage over others.  That path would be one of constant conflict between narrow interests ending in chaos and immobility.” The other path, of course, was the sane path: a return to moderation in all things, which meant self-sacrifice.  However, Ronald Reagan came along and promised the American people to continue the “American Dream”.  Guess what, the American people voted in Reagan.  Mr. Bacevich labels Reagan “the modern prophet of profligacy--the politician who gave moral sanction to the empire of consumption.” So, here we are in deep, deep trouble, and the solution of our leaders is to continue down the path of destruction with this so-called bailout,among other things, which only postpones the inevitable: economic collapse.  I say bring it on and lets get back to a sane, just, simple, and ordered way of living in America, and to remember that we are here to save our souls.

Since Americans save nothing,...

Excuse me.  Just because some Americans live profligately does not mean that all do.  What this bailout is about is making sure that those who do not practice industry and thrift don’t have to face the consequences since government can easily take the money it needs from those who do and give it to its corrupt friends.  Why punish the innocent to help the guilty and why make such a sweeping generalization about ‘Americans’?  Buchanan has spent too long in Washington if he believes this.  The system Buchanan now wants to defend and save from collapse is what must end if American economic virtues are ever to come to the fore again.

Capitalism is only sustainable when it is based on a particular culture. The attempt to create capitalism based on nothing, led to imaginary capitalism. Subprime mortgages are the instruments of that imaginary capitalism. Now it is failing, and the result will be probably more socialism, which will rely on some particular culture. Rap culture, unfortunately.