Volcker says things going down even faster than during Great Depression

[kentuck]

http://www.talkingpointsmemo.com/news/2009/02/topwrap_5-w_house_seeks_to_calm_on_banks_volcker_c.php

<snip>
NEW YORK, (Reuters) - A top adviser to U.S. President Barack Obama said Friday the global economy may be deteriorating even faster than during the Great Depression, grim euro zone services and manufacturing data hit a record low, and Japan warned economic conditions were also worsening.

U.S. stocks dropped after the chairman of the Senate Banking Committee said it may be necessary to nationalize some banks. The White House sought to ease concerns on bank privatization.

Fears that a U.S. bank rescue plan might lead to nationalization and that the recession was worsening sent stocks lower, but markets eased in afternoon trading . Crude oil prices fell, while gold pushed through the $1,000 per ounce barrier.

"I don't remember any time, maybe even in the Great Depression, when things went down quite so fast, quite so uniformly around the world," said Paul Volcker, a top aide to Obama.

....more

[FKA MNChimpH8R]

1. THAT is scary

Volcker is about as sage and calm a head as there is in this field.

[babylonsister]

2. This is dumb. Really. nt

[napoleon_in_rags]

3. I've been telling everyone I know to watch this:

http://www.chrismartenson.com/crashcourse/chapter-17a-peak-oil

Its 20 small videos, going over all the things that have created this current economic situation. Even if this guy is exaggerating, the situation is dire.

[Bread and Circus]

5. I like it so far, because martenson' work is talking about energy and the real economy...

[napoleon_in_rags]

7. Yeah, the theme of what he's saying seems to really resonate: our economics have left reality.

And just the fact that he's acknowledging the resource limitations we face, its really refreshing.

[NNN0LHI]

6. If Martenson wasn't a goof ball Ron Paul supporter I might listen to what he has to say

http://fundrace.huffingtonpost.com/neighbors.php?type=name&lname=Martenson&fname=Chris

[napoleon_in_rags]

8. I'm into what people say right now more than who they are.

A lot of ex conservatives supported Ron Paul when Bush went on his spending spree. It doesn't make his (or Ron Paul's) criticisms of Bush any less valid. More important to me is the general analysis of resource shortages and blossoming debt as they play off each other here. No political agenda was advanced in the video, it was mostly just a lot of analysis. My reaction to it was to re-evaluate some Marxist ideas, so if it was RW propaganda it fails pretty badly at that! :)

[ConcernedCanuk]

4. I live in a small town of 2,000 - it's a lumber town - sawmill shut down last summer

.
.
.

NOW

The sawmill has not only made it permanent, they are presently negotiating severance packages with all the employees

The mill is scheduled to be DISMANTLED this summer -taking whatever valuable equipment to other mills

Like, this is a LUMBER town - this is our only industry other than the service industries

So this is BIG - BAD time big

When the largest, and MAIN employer shuts down in a small town,

What happens to that wee town?

I think we know . .

It ain't pretty

(sigh)

[Ichingcarpenter]

9. Folks..... I've been ahead the curve on these things for years

Since the dotcom bubble. I turned houses before it was cool on TV,
only because I was a carpenter and a poor teacher.

Soros said we are in the third inning and we have years left in this game.


I see a world revolution happening against the financial class in the world and America will be behind the curve with 200 million sheep still supporting the 1%

There is a major Class war going on now.

[defendandprotect]

11. How many more "sheep" . . .

do we have to wake up -- my hands are numb from typing --- !!!

eh . . .

Do you mean you bought gold?

And what do you do with it if chaos ensues?

Where do you put Global Warming in all of this --- ???

[Ichingcarpenter]

14. "Something is happening here and you don't know what it is?

Do you Mr. Jones?
You raise up your head
And you ask, "Is this where it is ?"
And somebody points to you and says
"It's his"
And you says, "What's mine ?"
And somebody else says, "Where what is ?"
And you say, "Oh my God
Am I here all alone ?"

But something is happening here
But you don't know what it is
Do you, Mister Jones ?

You hand in your ticket
And you go watch the geek
Who immediately walks up to you
When he hears you speak
And says, "How does it feel
To be such a freak ?"
And you say, "Impossible"
As he hands you a bone.

And something is happening here
But you don't know what it is
Do you, Mister Jones ?


Gold is for travel, services and goods will be the stable of
a barter economy.

[defendandprotect]

15. "Services" can have a different meaning . . .

for females vs males ---

Meanwhile, in times of violence, gold would have to be hidden ---

it would bring its own dangers to you.

Gold is for travel, services and goods will be the stable of
a barter economy.

And, IMO, you have to have STABLE TIMES in order to have barter economy --

[defendandprotect]

10. But, according to Obama and advisers we can still afford WARS . . .!!!!

Bankrupted Treasury --

$8.5 TRILLION in bailouts/handouts to capitalists --- another $2-3 TRILLION possible ---

Banks still not nationalized --

Oil industry still not nationalized --

RE-REGULATION NOT BEING MENTIONED . . .!!!!

[Ichingcarpenter]

12. First you 'control' the corporate Tv media

How can you do that and change our so called 'free press'
to tell the truth to the American people?

The american people don't read anymore they watch TV.

[defendandprotect]

13. You watch TV . . .??

I think if you do you are overestimating its importance --- it's over.

Too many here at DU still FEAR the media ---

However, I do see an addiction to TV watching even here at DU --

but note my signature below . . .

[Ichingcarpenter]

16. I pay attention to the masses not DU

to see the trends. Tell me why this nation is not on the street
protesting the theft of wall street?

People watch TV now and protests are not shown
even when 600,000 show up on in DC.

If its not shown on TV...... it didn't happen for the masses.

[defendandprotect]

17. And how do you interact with the masses...???

We are leaderless for decades -- they make a point of killing any leader

who arises to tell the public what's going on.

We also have Gestapo-like police enforcement battering protesters ---

remember Kent State -- that pretty much sent everyone home.

What I am saying is you are giving too much credit to TV -- except I will

agree it is addicting and hypnotic. So is right-wing propaganda.

There is little liberal/progressive RADIO to break up the fog.

The public, itself, has no history of fighting back against elites --

unions were the major part of and last of any resistance.

African Americans came out into the streets -- women at one time ---

Vietnam brought out unbelievable numbers -- that's why they ended it with Kent State.

Had they not everyone would have been on the street.

Right wing propaganda is effective -- I don't deny that --

HOWEVER, where is left-wing propaganda . . . ???

Do you hear it from Pelosi or Reid -- ?

Have you ever heard FDR speak in this similiar situation . . . ???

[leftstreet]

18. Quick. We need a color-coded Financial Terror Threat Level advisory

Instead of Homeland Security issuing the daily threat level, it'll be f**king Wall Street

:argh: :argh: :argh:

[Ichingcarpenter]

19. Blacks, Brown, the poor and the middle class.

are the next terrorist.

The Black color code was put out by the media last week.

[leftstreet]

20. ouch

Sadly, you're right.

In fact, I believe this week's threat level was "LAVENDER: Those Damned Homeowners Who Shouldn't Have Gotten Loans To Begin With"