Here here.

I'll believe it when I see it. Obama wants to spend and Bernanke is the green light. The Dems will push it through, with or without Repub support.

Detroit is a preview of things to come in a city near you. What happens when .gov runs out of bread and circuses for the peeps?????

Thanks for calling this a Depression. If I hear "great recession" one more time I'm gonna hurl.

Genesis wrote..

* Mark all assets to the market, now and forevermore, on a nightly basis. If this results in firms becoming insolvent, then so be it. We need a banking system - we do not need the specific banks we have operating today.

* Pass a federal law mandating that receiving deposits or transacting business while insolvent is a felony, as is the case in several states. Then enforce it. Strictly.

Great!!!
Thanks for your great Work!
Best!

Typo:

Quote:

Manhattan Chief U.S. District Judge Loretta Preska has ordered be turned over

As usual, great job. Thanks again.

We've got the wrong group in charge if you want that kind of change.

Oh how I hate reading your tickers
That is the reason I leave it unfinished most of times

All good points, who is paying attention?

Even this guy bill cara is doing a drum beating in the last few days that dollar drop is not good for asny nation

The chaos in Detroit with people mobbing Cobo Hall is just a taste of what will happen when the basic state funded services vanish. I live 18 miles north of Detroit and I figure I will have to abandon where I live and flee to the countryside when these people hit the road hungry and full of anger. There are less than a million of them now, but a fraction of them will walk if need be to leave when they see that they will starve if they just sit.

The politicians never ever change course once committed. They are on a path to chaos and anarchy - the question is just how long it can be stretched along before a tipping point is reached - when not if.

Mendacity- Good word!! Had to look that bad boy up and that's rare!

the last line in the detroit news article UNDERSCORES that this is a credit led downturn....when is the last time you ever heard a j6p type blame the REALTORS for the current state of affairs....he doesn't quite get it right, he leaves out the cause for the 'realtors' being the banksters, but he's on the right track:


Dan McNamara, president of the Detroit Firefighters Association Local 344, was looking down from his office window across from Cobo.

"This absolutely is representative of the struggling middle class in America," he said. "We've been betrayed by the government, Realtors and those who've got. The promise has been broken."

I look forward to when the people start to seek REVENGE. THAT will be change I can believe in. Waiting patiently for that day.

(at the possibility of having an economy that worked that way)

Not to worry, all the money saved by "limits" on executive compensation will trickle down to the little people.

Quote:

"But there's no peace 'cause there ain't no jobs. Everybody's looking for the freebie, the hand-out. They don't count me as unemployed 'cause I ain't drawing a check. It's like I don't even exist. But I do. Look around. There's thousands ... millions of us."

Quote:

This is not a Recession. It is a Depression

I totally agree. The only thing that is hiding this painfully obvious fact is the government unemployment, welfare, and food stamps. If none of this existed you would see EXACTLY what is going on. You would see long lines at churches, food banks, and soup lines. Violent crime would be up 10 fold. You would have looting and the 30s would look like a walk in the ball park because people then were more self reliant. Now we have a populace to reliant on "the system" If money runs out for these services or even worse if our dollar collapses then you'll see what is really going on and it wont be pretty.

TPTB are intent on printing a positive Q3 GDP and will likely succeed in doing so (Hint: Bernanke saying the recessions is "technically" over). That way they can say Obama saved the economy and you should re-elect all incumbents next year.

I doubt they can hold this thing together till next Nov. though.

Great ticker. This one would be a good candidate for an overview to send to someone, I think (perhaps a Congresscritter?).

I do have to say, though, that thankfully most of the nation can only improve on Detroit. We might get riots and all the rest, but Detroit will get 'em first and worst.

It is being faxed to the entire House Financial Services Committee along with the Senate Banking Committee (in process now); feel free to spam it around.

The politicians don't care about the will of the people or even the CONstitution. Expediency and money are the driving forces in American politics.

We never should have bailed out the wealthy and their fraud on the backs of the majority. Our country has been changed forever.

Local news coverage from Cobo Hall yesterday.



"Thank you Barrack Obama, we love you."

"The city has to take accountability"

along with that goes personal accountability and responsibility for your own situation, which seems to be lacking.

Quote:

I totally agree. The only thing that is hiding this painfully obvious fact is the government unemployment, welfare, and food stamps. If none of this existed you would see EXACTLY what is going on. You would see long lines at churches, food banks, and soup lines. Violent crime would be up 10 fold. You would have looting and the 30s would look like a walk in the ball park because people then were more self reliant. Now we have a populace to reliant on "the system" If money runs out for these services or even worse if our dollar collapses then you'll see what is really going on and it wont be pretty.

I disagree. The social programs are not the problem, it's the social programs PLUS the bailouts which are the problem. This is why I proposed long ago instead of bilking the taxpayers for the misdeeds of the banks, let them fail, expand the social programs ONLY during the transition, which should clear the system and allow for sustainable economic growth going forward. Prices would be alot lower, dollar would be higher, savers would be rewarded, new businesses would start quicker as capital equipment would be less, etc. Think of all the trillions that has gone into hiding the losses in the financial system. I'd be willing to bet the temporary expansion of social programs in the interim as the system clears would be a significantly lower number. For those of you who say there wouldn't be a system if that happened, part of the solution I believe as part of that temporary social net includes guaranteeing the deposits in the banks as they transition to cleaner banks along with money allocated to making that message crystal clear to the public to avoid any confusion.

A couple of quick comments. In the actual Ticker, when I click on the Detroit News link, I get a warning from McAfee, so I could not read the article.

Well said Thystra. Most of the folks seemed well dressed, well fed, and more than a few had cellphones.

@ Geschrei

Wow that video says a lot. Can someone tell me, what the hell happened to Detroit? You cant pin this all on the auto industry either. Detroit was once the mecca of our country. It used to be when foreign dignitaries would come to our country we would show them Detroit. Why and when did Detroit fall off the tracks the way they did?